FxWirePro: Gold Intraday Trade

Overall trend - bearish

Intra day trend Bullish

• Gold is consolidating after huge selling of almost more than $30 in previous week. The main reason for fall is strong US dollar index and weak yen. The yellow metal has recovered after hitting low of $1237.43 and it has formed almost a double bottom. US retail sales for the month of Jun of came at 0.5% and revised for the month of May at 1.3% highest since 2017.US 2 year bond yields hits high of 2.61% ,highest level since Aug 2008 2.606%.
• The major three factors to be watched for gold price movement are

1. US Dollar index – slightly weak  (positive for gold)
    
2. USDJPY- Slightly weak    (Positive for gold)
    
3. US 10 –year yield – 2.85% (-0.05% for the day (neutral for gold).

• The pair is facing strong trend support at $1236 and any break below will take the yellow metal till $1230/$1217 (61.8% fib).
   
• The near term resistance is around $1245.80 (55-144 min EMA) and any convincing break above will take the yellow metal till $1250/$1258 (200- 144 min-MA)/$1266.
  
  It is good to buy on dips around $1242-44 with SL around $1236 for the TP of $1258.