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FxWirePro: Gold Daily Outlook

Major intraday support- $1473

Gold is trading in a narrow range and well below $1500 level. The slight optimism in US-China trade talks is putting pressure on the yellow metal. But further direction will be seen on the progress of trade talks and Brexit deal. It hits high of $1495 yesterday and is currently trading around $1485.80.

With no major economic data in the next two days markets, eye ECB policy data for further direction.US 10-year bond yield is trading higher and recovered more than 4.5% from the previous week low of 1.73%. 

On the flip side, near term support is around $1473 and any violation below will drag the yellow metal down till $1458. Major weakness 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 $1491-92 with SL around $1501 for the TP of $1460.


 

By Rangarajan Hariharan
  • Market Data
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