Major support- $1460
Gold is trading weak and lost more than $25 on the strong US dollar. DXY continues to trade higher and broken major resistance 99.35 high made on Sep 3rd, 2019. The yellow metal declined below $1480 and hits low of $1460.84. It is currently trading around $1461.48.
he Chicago PMI declined for 3rd consecutive month and came at 47.1 in Sep, the lowest level since mid of 2009. Markets eye US ISM manufacturing index data for further direction.
On the flip side, major near term support is around $1460 and any violation below will drag the yellow metal till $1450/1440.
The near term resistance is at $1480 (support turned resistance) and any convincing break above will take the gold to $1500/$1512. Bullish continuation only above $1555.
It is good to sell on rallies around $1469-70 with SL around $1480 for the TP of $1440.
