Gold: Key levels to watch (US Session)

Gold has lost more than $20 from 6 year high $1440 made today on account of profit booking. The Fed rate cut hopes and escalation of geopolitical tension in the Middle East has increased demand for Safe-Haven assets and jumped more than $ 60 in the past two days. Markets eye US Trump and Xi Jinping meeting in the G20 for further direction. Any deal between the US and China will drag the yellow metal down sharply.

Major support to be watched -$1420 low made today and any minor weakness only below that level. Any break below that level targets $1404 (61.8% fib)/$1382 (Jun 21st 2019 low).

Resistance -The yellow metal is facing strong resistance around $1440 and any break above targets $1450/$1465.

Additional Levels

$1367- 200 H MA

$1347 Low made after Fed policy

$1339- Jun 18th low

$1332 - Jun 17th low

$1320 Jun 11th low