FxWirePro: Gold Daily Outlook

Gold has shown a good recovery of more than $10 from yesterday’s low of $1319.97 on slight weakness in US dollar.It is currently trading around $1332.

US Dollar Index -Trend weak. US Dollar index is consolidating after hitting low of 96.45. Intraday trend is weak as long as minor resistance 97 holds.Short term trend reversal only above 97.30-40 (20-day MA).It is currently trading around 96.69.

US 10 year yield- Overall trend negative. It has lost more than 2% after showing recovery of nearly 6%.It hits 2.05% on Jun 7th lowest since Sep 2017. It is currently trading around 2.135%.

S&P500: Short term trend - Bullish.It has declined after hitting high of 2911 and hits low of 2878.

On the higher side, near term resistance is around $1332 and any violation above will take the yellow metal to next level till $1338/$1346.

The near term support is around $1317 (38.2% fib) and any break below confirms minor weakness a dip till $1309/$1300. Any major weakness only below $1298.

It is good to sell on rallies around $1334-35 with SL around $1346 for the TP of $1309.