Major intraday support- $1473
Gold is trading in a narrow range and well below $1500 level. The slight optimism in US-China trade talks is putting pressure on the yellow metal. But further direction will be seen on the progress of trade talks and Brexit deal. It hits high of $1495 yesterday and is currently trading around $1485.80.
With no major economic data in the next two days, markets eye ECB policy data for further direction.US 10-year bond yield is trading weak yesterday and lost more than 3% from high of 1.81%.
On the flip side, near term support is around $1473 and any violation below will drag the yellow metal down till $1458. Major weakness only below $1458.
The near-term resistance is around $1500 and any convincing break above will take the yellow metal till $1512-15/1525. Any bullish continuation only above $1555.
It is good to sell on rallies around $1491-92 with SL around $1501 for the TP of $1460.
