Major support: $1445 (38.2% fib)
Gold is trading slightly lower on renewed hopes on US-China trade talks. China has invited US negotiators for another round of talks. Chinese Vice Premier Liu He has called U.S trade representative Robert Lighthizer and Treasury Secretary Steven Mnuchin for further negotiations. The yellow metal jumped till $1462.20 and is currently trading around $1466.
US Philly fed manufacturing index jumped by 5 points to 10.4 this month from 5.6 in October much better than the forecast of 7.
US 10-year bond yield has halted its 2-week of bearishness and shown a minor jump of more than 3.5%. It is currently around 1.73%. The spread between 10 and 2-year yield narrowed sharply to 16.2 bps from 27.8 bps.
According to the Fed Watch tool, the probability of the Fed to keep rates unchanged has increased to 94.8% today from 92.6% yesterday and the chance of rate hike declined to 5.2% from 7.4%.
On the flip side, near-term support stands at $1456, violation below will drag the yellow metal down till $1445/$1430/$1413 possible.
The near-term resistance is at $1480, any indicative break above targets $1500/$1525.
It is good to buy only above $1480 with SL around $1470 for the TP of $1500/$1525.


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