Gold: Key levels to watch (US Session)

Gold has recovered more than $10 from an intraday low of $1401.60. Overall it has lost nearly $40  from 6 -year high $1440 made yesterday. The comments from Fed Chairman and trade optimism after US Treasury Secretary said that the US-China trade deal completed almost 90% is putting pressure on the yellow metal. Markets eye US Trump and Xi Jinping meeting in the G20 for further direction. Any deal between the US and China will drag the yellow metal down sharply.

Major support to be watched -$1400 and any minor weakness only below that level. Any break below that level targets $1392/$1382 (Jun 21st 2019 low).

Resistance -The yellow metal is facing strong resistance around $1440 and any break above targets $1450/$1465. The minor resistance is around $1415/$1425.

Additional Levels

$1375- 200 H MA

$1347 Low made after Fed policy

$1339- Jun 18th low

$1332 - Jun 17th low

$1320 Jun 11th low