Major Support - $1400
Gold is trading higher for 3rd consecutive week and jumped more than $50 on renewed trade war tension between US and China. US economy has added 164K jobs in Jul in line with estimate and hourly earnings increased to 0.3% m/m compared to forecast of 0.2%. The yellow metal will hit high of $1459 and is currently trading around $1456.85.
US 10 year bond yield is trading extremely weak and lost more than 15% on aggressive rate cut hope. It hits low of 1.745% and is currently trading around 1.769%.
On the higher side, near term resistance are around $1460 and any break above targets $1475/$1500.
The near term support is around $1440 and any violation below will drag the yellow metal to next level till $1430/$1423. Major weakness only below $1400.
It is good to buy on dips around $1440-42 with SL around $1430 for the TP of $1460.
