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- Overall trend - bearish
- Gold is trading lower after showing a minor jump till $1229. It hits low of $1220.99 and is currently trading around $1223.42.
- The major three factors to be watched for gold price movement are
- US Dollar index – Bullish (negative for gold)- DXY has jumped slightly above 95 level and it should break above 95.53 for further bullishness.
- USDJPY- Strong (negative for gold)- It has shown a minor correction till 112.69 and recovered from that level. It is trading higher and a jump till 113.70 is possible.
- US 10 –year yield – 2.88% (0.53% for the day (negative for gold).
- US 2 year yield 2.618% (0.41% higher). The spread between 2 year and 10 year yield (2.88%-2.618%) is 27 basis point slightly increased from 23 basis point.
The pair is facing strong support at $1217 and any break below will take the yellow metal till $1209/$1200 (61.8% fib)/$1160.
The near term resistance is around $1236 and any convincing break above will take the yellow metal till $1242/$1250.
It is good to sell on rallies around $1230-32 with SL around $1240 for the TP of $1201/$1165.
