FxWirePro: Gold Daily Outlook

Major support - $1445

Gold is consolidating in a narrow range between $1450 and $1461.95 for the past 2 days  Markets eye development in the US-China trade deal for further movement. On the data front, US Durable goods orders rose by 0.6% well above expectations of 0.2%. The third-quarter GDP was revised higher to 2.1% from the first estimate of 1.9% and headline PCE inflation came unchanged at 1.3% YOY, above the estimate of 1.2% YOY. The yellow metal hits an intraday high of $1458.50 and is currently trading around $1457.13.

The US 10- year bond yield has formed at 1.730% and shown a minor recovery till 1.779%. The spread between US 2and 10-year has narrowed to 14.1 bps from 27 bps.

According to the Fed Watch tool, the probability of the Fed to keep rates unchanged has increased to 94.8% from 92.6% 1-week ago, the chance of rate hike declined to 5.2% from 7.4%.

On the flip side, near-term support stands at $1445, violation below will drag the yellow metal down till $1430/$1413 possible.

The near-term resistance is at $1480, any indicative break above targets $1500/$1525.

It is good to sell on rallies around $1465-67 with SL around $1478 for the TP of $.