Crypto Technicals: Bitcoin hits 2-week lows below $7100, bearish bias with rising volatility to see more weakness
FxWirePro: Gold Daily Outlook
Gold recovered from fresh 3-month low on slight pessimism in the US-China trade deal. US President Trump said that the trade deal was"close" but didn't gave any new details on trade progress. The trade uncertainty and escalation of violence in Hongkong. DXY is consolidating near 98.40 level and any convincing break above targets 99/99.35. Markets eye US-CPI data for further direction. It is currently trading around $1462.
According to the CME Fed watch tool, the probability of keeping rates unchanged has increased from 91.1% to 96.3%, the chance of 25 bps cut declined to 3.7% from 8.9%.
US 10-year yield is consolidating after hitting a high of 1.97%. The yield has jumped more than 15% this month and is currently trading at 1.94%.
Technically, major support is around $1450, any break below confirms bearish continuation, a decline till $1430/$1400 likely.
The major resistance is around 1480, any indicative break up targets $1500/$1525. Major trend reversal only beyond $1555.
It is good to sell on rallies around $1468-69 with SL around $1478 for the TP of $1430/$1400.
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