Major Support - $1460
Gold has jumped till $1516 the previous week and started to decline from that level. Short term trend is weak as long as resistance $1555 holds. The jump in US-10 year bond yield and easing trade tension is putting pressure on the yellow metal.
US 10-year bond yield jumped more than 17% previous week and spread between US 10-year and US 2-year spread widened to 13.8 bps.
Technically, the near term major support is around $1458 low made on Oct 1st and any violation below will drag the gold till $1444/$1429.
The near term resistance is around $1515-17 and any convincing break above targets $1525/$1555.
It is good to sell on rallies around $1498-99 with SL around $1525 for the TP of $1444/$1429.
