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FxWirePro: Gold Daily Outlook
Major support- $1458
Gold has once again recovered after hitting a low of $1480. The yellow metal is trading weak for the past 2-month on easing the US-China trade war. It has increased demand for riskier assets like stocks. Global stock markets are trading higher especially Wall Street hits a fresh all-time high. The US-China trade talks are showing a sign of optimism and are expected to be signed this month. Any delay in phase one trade deal will support yellow metal prices at lower levels. US ISM services PMI recovered sharply and came at 54.5 vs forecast of 53.5.
US 10-year yield is trading slightly lower after a jump to 1.87%. Any further jump can be seen only above 1.907%. It is currently trading at around 1.817%.
On the flip side, near term support is around $1480, any violation below will drag the yellow metal down till $1473/$1458. Major bearishness only below $1458.
The major resistance is around $1518-20, the indicative break above will take the gold to the next level $1535/$1555.
It is good to sell on rallies around $1489-90 with SL $1500 for the TP of $1458.
