FxWirePro: Gold Daily Outlook

US Fed minutes shows that Central bank is follow patience approach for some time and no rush to change interest rates.

US Dollar Index -Trend positive Holds well above 98 level after Fed meeting minutes. Any break above 98.32 confirms bullish continuation.

US 10 year yield- Overall trend negative. It has declined once again nearly 2.8% from high of 2.44% made on May 21st 2019.

S&P500: Intra day trend -Slightly negative .It has lost more than 1% in past two trading days and any break below 2800 confirms further weakness.  

Gold has shown a minor recovery from low of $1269.50 on slight weakness in stock market..The yellow metal has lost more than $25 from previous week high of $1303. The decline in yellow metal was due to surge of more than 120 pips in US dollar index. . It hits low of $1269.50 and is currently trading around $1273.91.

On the higher side, near term resistance is around $1282 and any violation above will take the yellow metal to next level till $1288/$1292/$1300. It should close above $1300 for further direction.

The near term support is around $1266 and any break below confirms major weakness a dip till $1250/$1242 possible.

It is good to buy on dips around $1267-68 with SL around $1260 for the TP of $1292.