FxWirePro: Gold Daily Outlook

Gold is trading slightly lower for 3 rd consecutive day and lost nearly $40 on account of easing trade war tension. Trump has said on Wednesday in an interview with Fox business he is "very happy with where we are now". US President said it was possible he would emerge from a meeting with Chinese leader Xi Jinping this week with the deal. Markets eye Trump and Xi-Jinping meeting the G20 summit for further direction.

US dollar index has halted its 5- day of losing streak and shown a minor jump of more than 50 pips. Any break above 96.45 (200- day MA) confirms minor bullishness.

US 10 year yield is also in the oversold zone and jumped more than 5 %. The near term resistance is around 2.09% (20- day MA).

Technically, near term resistance is around $1440 and any break above that level targets $1460/$1480. The minor resistance is around $1415/$1425.

On the flip side, near term support is around $1398 (38.2% fib of $1319 and $1411.70) and any break below confirms minor weakness and a dip till $1382/$1365 is possible.

It is good to sell on rallies around $1415-17 with SL around $1427 for the TP of $1382/$1365.