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FxWirePro: Gold trades lower on strong USD, good to buy on dips
Major intraday support - $1480
Gold price is trading lower and lost nearly $35 from a high of $1528. The yellow metal was one of the best performers and jumped more than $150 in this quarter on declining bond yield and trade war. It hits a low of $1493 and currently trading around $1497.93.
US 10 year yield recovered slightly more than 10% from 3 year low of 1.47%. The spread between US 10 year and 2-year yield widened to 6.5 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 $1505-07 with SL around $1515 for the TP of $1470.