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FxWirePro: Gold Daily Outlook
Gold is consolidating after hitting a high of $1493 and is currently trading around $1491.50. The easing geopolitical tension is putting pressure at higher levels. The EU-UK has reached Brexit deal, but EU member states should back this deal. On the economic data front, US Philly fed manufacturing index came at 5.6 compared to a forecast of 7.3. It has increased hopes of a further rate cut by the Fed.
According to the CME Fed Watch, the probability of rate cut increased to 85% from 65% a week ago and the chance of keeping rates unchanged declined to 15% from 32.
On the flip side, near term support is around $1472 and any violation below targets $1458. Major trend reversal only below $1458.
The near-term resistance is around $1500 and any convincing break above will take the yellow metal till $1512-15/1525. Any bullish continuation only above $1555.
It is good to sell on rallies around $1495-96 with SL around $1501 for the TP of $1460.