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Major intraday support - $1480
Gold is consolidating between $1510 and $1490 after hitting multiyear high due to the US-China trade war and declining yield. US 10 year yield moved higher after a steep fall of more than 20% this month. But yield to trade lower as market participants expect aggressive rate cuts by the Fed. According to the CME Fed Watch tool, the probability of 25 bps has increased from 68.5% to 81.2% and the chance of 50 bps cut declined to 18.8% from 31.5%. It is currently trading around $1506.
On the higher side, near term resistance is around $1520-25 and any violation above will take the yellow metal till $1540/$1585.
The near term major support is around $1480 and any break below will drag the gold till $1462/$1455/$1440.
The market is in the overbought zone with RSI at 73 (bearish divergence) so minor dip till $1440-50 is possible.
It is good to buy on dips around $1440 with SL around $1430 for the TP of $1520.
