Gold was trading higher for the past 1-week after hitting a low of $1459.The jump was due to weak economic data from the US which has increased hopes of rate cut by the US Fed. The US 10-year yield continues to trade lower and lost more than 14% in this month. The demand for Safe-haven has increased on trade war uncertainty. The yellow metal hits high of $1515 on Friday and is currently trading around $1501.75.
On the flip side near term support is around $1480 and any violation below will drag the yellow metal down till $1470/$1460. Bearish continuation only below $1450.
The near term resistance is around $1525 and any break above will take the gold till $1540/$1555.
It is good to buy on dips around $1490-92 with SL around $1480 for the TP of $1525/$1540.
