Gold is consolidating narrow range between $1285 and $1294.50 for past three trading days. US dollar is trading lower on profit booking and lost more than 50 pips from high of 97.52.
The major three factors that drive gold prices
US dollar Index: Bearish. DXY is trading lower for 2nd consecutive day and lost more than 50 pips form high of 97.52.It hits low of 96.96 and is currently trading around 97.04. The index has formed a minor bottom around 95.75 and jumped more than 170 pips .The near term support is around 96.79 and any close below targets 96.36/95.75.(positive for gold).
USD/JPY: weak. USD/JPY gained sharply after forming a minor bottom around 110.01 and jumped more than 150 pips.It has closed above 200- day MA and any jump till 112/112.20 likely. negative for gold.
US 10 year yield : US 10 year yield continues to trade higher and jumped more than 2.5% yesterday. The yield has been trading weak for past two months and lost nearly 25% from high of 3.25%.It is currently trading around 2.51%. Negative for Gold.
US 2 year yield: It is trading around 2.34%. The spread between US 10 year and 2 year has declined to 17bpbs from 30 basis point. The spread between 3 month and 10- year yield inversion has reversed (US 10 year yield trading above US 3 month).
Gold technical
On the higher side, near term resistance is around $1300 and any convincing break above targets $1309/$1312/$1316.The yellow metal should break above $1324 for further bullishness.
The near term support is around $1280 and any convincing below will drag the commodity down till $1269/$1260.
It is good to sell on rallies around $1300 with SL around $1305 for the TP of $1280/$1271


FxWirePro- Major Crypto levels and bias summary
FxWirePro: USD/ZAR gains as stronger dollar outweighs upbeat South Africa's trade surplus
Major European Indices Score Extremely Bullish: DAX Eyes 26000, CAC Targets 8600, FTSE100 at 11000 – Key Levels to Watch
FxWirePro: AUD/USD gains some ground but outlook is bearish
Nikkei Surges Past 65,000 on Suspected Yen Weakness: Tech Giants Like Advantest and NEC Lead Explosive Gains
FxWirePro: GBP/AUD bears maintain upper hand
FxWirePro: EUR/ AUD dips below 1.6400 level, focus on near term support
FxWirePro- Major Pair levels and bias summary
FxWirePro: GBP/NZD remains weak, eyes 38.2%fib support
FxWirePro: NZD/USD consolidates overnight gains, but loses momentum
NZDJPY Bullish Rebound: Buy Dips as EMAs Align for 97 Target
FxWirePro: GBP/USD rises as soft US data pressures dollar
FxWirePro- Woodies pivot (Major)
US Magnificent 7 Stocks Trend Score: Amazon & Microsoft Hit Extreme Bullish (+100) as Meta Drops to -100 — Key Resistance & Support Watchlist
FxWirePro- Major Pair levels and bias summary
FxWirePro:USD/JPY climbs back above 160.00 after BOJ rate decision 



