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Major support- $1480
Major resistance - $1555
Gold is trading flat for the past 2- weeks between $1480 and $1525. The yellow metal has got support at lower levels on account of escalation of tension in the Middle East. It hits low of $1483 after hawkish Fed rate cut. The short-term trend is still bullish as long as support $1480 holds. It is currently trading around $1513.88.
US 10-year bond yield is trading weak after hitting a high of 1.907% and currently trading around 1.753%. The spread between US-10 year and 2-year has narrowed sharply to 2 bps from 9 bps.
On the flip side, major support is around $1480 and any violation below will drag the gold till $1462 (23.6% fib)/$1440.
The near resistance is around $1525 and any minor bullishness can be seen above this level. Any break above targets $1540/$1555.
It is good to buy on dips around $1500-05 with SL around $1480 for the TP of $1540/$1555.
