Gold has formed double bottom around at 1455 and shown minor recovery. Short term trend is still weak as long as resistance $1500 (200-day MA) holds. US dollar index surges to 3- year high and putting pressure on the yellow metal.
US 10-year yield has shown a massive recovery of more than 250% from an all-time low of 0.36%. The spread between US 10-year and 2-year has widened to 70 bps from 20 bps.
Technically, near term support is around $1450 and any violation below will drag the gold down till $1430/$1400.
On the higher side, immediate resistance is around $1500 and indicative break above will take the gold till $1535/$1555.
It is good to sell on rallies around $1490-95 with SL around $1505 for the TP of $1430.
