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FxWirePro: Gold Weekly outlook
Major intraday support - $1480
Gold price is trading lower for 2nd consecutive day and lost nearly $25 from high of $1534. It has halted its 3-1/2 month bullish trend and showing a minor decline on account of profit booking. It hits an intraday low of $1504 and currently trading around $1508.99.
US 10 year yield recovered slightly more than 8% from 3 year low of 1.47%. The spread between US 10 year and 2-year yield widened to 7 basis point from -0.6 basis point.
On the higher side, near term resistance is around $1535 and any violation above will take the yellow metal till $1565/$1585.
The near term major support is around $1499 (10- day MA) and any break below will drag the gold till $1477/$1460 (21- day MA)/$1440.
The momentum indicators are showing bearish divergence so minor dip till $1440-50 is possible.
It is good to sell on rallies around $1515-18 with SL around $1530 for the TP of $1440.