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FxWirePro: Gold Daily Outlook

Major support: $1445 (38.2% fib)

 

Gold was trading highly volatile yesterday without any proper direction. But the minor trend is on the higher side and an intraday trend continuation only above $1475.The yellow metal is one of the worst performers this month and lost more than $50 from a monthly high of $1516. The slight pessimism in US-China trade talks as reports came that Trump is not favor of tariff rollback. The yellow metal jumped till $1474 and is currently trading around $1460.

 

US 10-year bond yield declined more than 3% yesterday after a minor jump to 1.855%. It is currently around 1.849%. The spread between 10 and 2-year yield narrowed to 20 bps from 27.8 bps.

 

On the flip side, near-term support stands at $1445 and violation below confirms bearish continuation a dip till $1430/$1413 possible.

 

The near-term resistance is at $1475 (support turned into resistance) and indicative break above targets $1500/$1525.

 

It is good to buy above $1475 with SL around $1469 for the TP of $1445/$1430.

 

By Rangarajan Hariharan
  • Market Data
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