FxWirePro: Gold trades lower as US bond yield hits 7- year high, markets eyes US- China trade negotiations

• Gold prices are trading weak for past five trading session and has declined almost $36 on account of rising US 10 year bond yield and US dollar. US 10 year bond yield jumped more than 6% and hits 7- year high at 3.129%.  US 10 year yield and Gold has perfect negative correlation with each other. USD/JPY also jumped sharply more than 150 pips hits high of 111.It is trading slightly above 200-day MA. US dollar index has shown a minor profit booking after hitting high of 93.63. The yellow metal shown minor jump after hitting low of $1286 and is currently trading around $1288.97.
   
• The yellow metals near term resistance at $1306 (200- day MA) and any break above will take the yellow metal till $1318-19 (38.2% fib/20- day MA)/$1325 (100- day MA)/$1330. 
   
• On the lower side, near term support is around $1284 (61.8% fibo) and any daily close below will drag the yellow metal down till $1269/$1263..

It is good to sell on rallies around $1298-300 with SL around $1307 for the TP of $1285/$1269.