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FxWirePro- Major Pair levels and bias summary 
Overall trend - bearish
Gold has lost more than $30 in the past two trading session.The main reason for sharp fall in yellow metal was due to huge surge in US dollar index. DXY is trading slightly lower after hitting 13 month high around 96.98.The yellow metal has lost more than $50 this week. It is currently trading around $1175.85.
The major three factors to be watched for gold price movement are
- US Dollar index – bearish (positive for gold)- DXY has declined more than 50 pips after hitting high of 96.98. It is currently trading around 96.49.
- USD/JPY- slightly bullish (negative for gold)- The pair has taken support near 55- W EMA and shown a good jump from that level. It is currently trading around 110.82 (0.07% higher).
- US 10 –year yield – 2.877%. It is trading flat for past one week. It is neutral for gold.
- US 2 year yield 2.627% (0.08% lower). The spread between 2 year and 10 year yield (2.87%-2.625%) is 25 basis point slightly reduced from 35 basis point.
The pair is facing strong support at $1160 and any break below will take the yellow metal till $1150/$1140.
The near term resistance is around $1180 and any convincing break above will take the yellow metal till $1190/$1196 (5- day MA)/$1201 (7- day MA).
It is good to buy on dips around $1168-70 with SL around $1159 for the TP of $1190/$1196.
