FxWirePro- Gold Daily Outlook

Gold recovered more than $15 on easing US bond yields. The number of new coronavirus cases in the US rose by one million on Monday, the number of hospitalized patients rose nearly 50%. This has increased demand for safe-haven assets like gold. It hits a high of $1816.77 and is currently trading around $1815.22.

Factors to watch for gold price action-

 Global stock market- Bullish (Negative for gold)

US dollar index –Bullish (negative for gold)

US10-year bond yield- Bullish (Negative for gold)

Technical:

The near–term major support is around $1790, violation below targets $1780/$1770.Significant trend reversal only below $1750.The yellow metal facing strong resistance $1815, any convincing break above will take to the next level $1835/$1860/$1877$1912 is possible.

It is good to sell on rallies around $1815-16 with SL around $1832 for TP of $1760.