Major support- $1458
Gold trading in a narrow range between $1473 and $1517.85 for the past 3-week. The easing US-China trade war is putting pressure on the yellow metal. The US Fed has cut its rates by 25 bps and hinted to follow wait and approach. The NFP jobs data came slightly better than expected and the economy has added 128000 jobs vs forecast of 89000. It hits high of $1516 previous week and is currently trading around $1511.20.
US 10-Year yield lost more than 10% from the minor top around 1.86% and recovered more than 5% for the day. It is currently trading around 1.78%.
On the flip side, near term support is around $1480, any violation below will drag the yellow metal down till $1473/$1458. Major bearishness only below $1458.
The major resistance is around $1518-20 the indicative break above will take the gold to the next level till $1535/$1555.
It is good to buy on dips around $1498-500 with SL $1490 for the TP of $1550.
