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Sterling Crushed by Double-Contraction GDP – EURGBP Spikes, Next Stop 0.8850–0.8900 
Gold has shown almost $10 rise from low of $1216 on slight weakness in US dollar.It is currently trading around $1225.
The major three factors that drive gold prices
US dollar Index: Weak. DXY has lost nearly 0.40% form top of 97.31 after US-China trade talks.Donald Trump has told Chinese President Xi in G-20 meeting that US will not impose tariff of 25% to $200 billion Chinese goods as planned earlier..The index’s previous high is around 97.69 and any further bullishness only above that level.It is currently trading around 96.95.The near term support is around 96.75 (20-day MA) and any convincing break below targets 96. (Positive for gold).
USD/JPY: Neutral. The pair has gained slightly after hitting low of 113.19. It is currently trading around 113.47. The near term support is around 113 and any break below targets 112/11.37. Neutral for gold.
US 10 year yield : US 10 year yield is trading slightly on the higher nearly 2% from low of 2.98%.Any further weakness only if it breaks convincingly below 2.96% (200- day MA). It is currently trading around 3.05%. Slightly negative for Gold.
US 2 year yield: It has taken support near 89-day EMA and shown a marginal jump. The spread between US 10 year and 2 year has decreased from 30bpbs to 20 bpbs.
Gold technical
Major support $1183
Major resistance - $1240
The yellow metal is trading between $1211 and $1229 for past 5 trading days has shown a minor decline after hitting high of $1228.86.On the higher side, major resistance is around $1230 and any convincing break above $1230 will take the commodity till $1236. It should break above $1243 (Oct 26th 2018 high) for bullish continuation.
The near term support is around $1217 (55 day EMA) and any violation below will drag the commodity down till $1209/$1200.
It is good to buy on dips around $1222-23 with SL around $1217 for the TP of $1243.
