Gold has once declined after hitting a fresh 6-year high of $1452 as the chance of 50bpbs rate cut in Jul has diminished. According to the CME Fed watch tool, the probability of the 50bpbs rate cut has declined to 22.5% from 24% on Friday. US 10 year yield is trading steady and jumped more than 2% in the past two trading days.
On the flip side, near term support is around $1430 and any break below will drag the yellow metal to the next level till $1420/$1412/$1400. Major weakness only below $1380.
The near term minor resistance is around $1450 and any break above will take the yellow metal to the next level till $1465/$1500.
It is good to buy on dips around $1425-28 with SL around $1412 for the TP of $1465.
