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Gold pared some of its gains yesterday due to profit booking. It hits a low of $2546 and is currently trading around $2575.
US Fed cut rates by 50 bpbs yesterday to 4.75% -5% compared to market estimate of 25 bpbs. The central bank mentioned that Job gains have slowed and inflation is moving towards fed target of 2% but remains slightly elevated.
The rally in the yellow metal after the aggressive 50 bpbs rate cut by fed remains short-lived as markets already factored.
The US 10-year yield recovered more than 2.5% after Fed monetary policy.
Technical:
The near–term support is around $2545 (55-4H EMA), a break below the target of $2535/$2520/$2470. Major bearish continuation only below $2470.The yellow metal faces minor resistance around $2600 and a breach above will take it to the next level of $2622/$2650.
Indicator (4- hour chart)
CCI (14)- Bullish
CCI (50)- Bullish
Average directional movement Index - Bullish
It is good to buy on dips around $2560-61 with SL around $2544 for TP of $2650.
