Major Support- $1514
The yellow metal has shown a minor decline after hitting a high of $1555 due to profit booking and a slight recovery in US bond yield. The US 10-year yield is trading at 1.519% slightly up from low of 1.448% and any break above 1.55% (200-H MA) confirms minor bullishness, a jump till 1.582%/1.60%. It hits low of $1519.60 and is currently trading around $1524.55.
On the flip side, the near term major support is around $1514 (300-H EMA) and any major intraday trend reversal can happen only below this level. Any break below will drag the gold till $1500/$1490.
The near term resistance is at $1550 and any violation above will take the yellow metal till $1565/$1590.
It is good to sell on rallies around $1530-32 with SL around $1540 for the TP of $1479.
