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Gold has recovered more than $10 amid strong global stock market. The decline in US dolllar index is supporting yellow metal.It hits high of $1311.50 and is currently trading around $1303.80. Gold was one the best performer in Jan and has jumped more than $50 on account of dovish Fed and global uncertainty.
The major three factors that drive gold prices
US dollar Index: Bullish. DXY trades weak for 4th consecutive day after a jump till 97.71 and lost more than 100 pips.It is facing strong resistance 97.71 and any break above confirms further bullishness and a jump till 98/98.60 likely (negative for for gold).
USD/JPY: strong. USD/JPY has recovered more than 50 pips from low of 111 made yesterday.It is currently trading around 111.54. The near term resistance is around 112.20 and any break above targets 112.60/113. negative for gold.
US 10 year yield : US 10 year yield has shown a minor jump of more than 1% after more than 6% decline.The near term support is around 2.59%.The yield has been trading weak for past two months and lost nearly 22% from high of 3.25%.It is currently trading around 2.629%. positive for Gold.
US 2 year yield: It is trading around 2.475%. The spread between US 10 year and 2 year has declined to 16bpbs from 30 basis point. The spread between 5 year and 2- year yield has inverted (US 2 year yield trading above US 5 year yield).
Gold technical
On the higher side, yellow metal is facing near term resistance around $1311.55 and break above will take the gold to next level till $1316/$1322.The yellow metal should break above $1346 for further bullishness.
The near term support is around $1300 and any violation below will drag the commodity down till $1280/$1271/$1265.
It is good to buy on dips around $1300 with SL around $1290 for the TP of $1322.
