Major support- $1480
Gold has formed a minor bottom around $1486 and shown a minor jump till $1501.20 yesterday. The yellow metal declined from that level till $1487 and is currently trading around $1493.55. US 10-year bond yield jumped more than 5% and currently trading 1.72%. The spread between US 10-year and 2-year has widened to 5 bps from --5 bps. Markets eye ECB monetary policy and press conference on Thursday for further direction.
Technically, the pair is facing strong support at $1478 and any violation below confirms minor trend reversal, a dip till $1461/$1440 likely.
The near term resistance is around $1502 and any break above will take the yellow metal till $1515/$125. Any major bullish continuation only above $1555.
It is good to sell on rallies around $1502-03 with SL around $1515 for the TP of $1461.
