Major intraday resistance - $1502
Gold recovers more than $40 from the low of $1458 and crossed $1500 level on trade war tension between US-EU union. US is planning to hit EU with 10% tariffs on aircraft and 25% tariffs on agricultural and other products effective Oct 18th, 2019. It hits a high of $1505 and is currently trading around $1500.99.
US ADP employment came at 135K in Sep compared to a forecast of 140k and markets eye US ISM services data for further direction.
US 10-year bond yield is trading lower for 3rd consecutive days and declined nearly 10%. It is currently trading around 1.58%.
On the flip side, near term support is around $1480 and any violation below will drag the yellow metal till $1470/$1460. Bearish continuation only below $1450.
It is good to sell on rallies around $1512-$13 with SL around $1525 for the TP of $1460.
