Candlestick- Shooting star
Major support- $1500
Gold is trading weak and lost more than $50 on Friday on slight easing of US-China trade war and good recovery in US bond yield. US 10 year bond yield shown a minor recovery of more than 13% after hitting a 3-year low. It is currently trading at 1.536%. The yield curve inversion between US 10 year and 2-year has gone and spread narrowed to 3 bps. It hits low of $1503.2 and is currently trading around $1504.75.
Technically, the pair is facing strong psychological support at $1500 and any violation below confirms minor trend reversal, a dip till $1478 likely.
The near term resistance is around $1515 and any break above will take the yellow metal till $1527/$1540. Any major bullish continuation only above $1555.
It is good to sell on rallies around $1512-14 with SL around $1525 for the TP of $1478.
