FxWirePro: Gold trades weak, markets eye Fed meeting minutes

Gold is trading lower after minor jump till $1399.82.The yellow metal has lost more than $25 after better than expected US jobs data. According to CME fed rate monitor, there is the probability of a 98% chance of rate cut in Jul compared to 80.1% in the previous week and the chance of 50 bpbs rate cut has gone down from 19.9% to 2%. Markets eye US Fed meeting minutes for further direction.

On the flip side, near term support is around $1387 and any break below will drag the yellow metal to the next level till $1380. Any break below$1380 will drag the yellow metal to $1374/$1360.

The near term minor resistance is around $1400 and any break above will take the yellow metal till $1412/$1422.

It is good to sell on rallies around $1400 with SL around $1410 for the TP of $1381.