- Gold prices has declined almost $10 from the high of $1307.50 on slightly easing geo political tensions. The yellow metal recovered almost $25 from the low of $1282 on account of renewed geo political tensions between US and N.Korea. The gold prices has shown a minor decline after renewed hopes on Trump meeting with N.Korea leader Kim Jong Un. President Donald Trump confirmed on Sunday that his summit with Kim Jong Un was back on track which had been set for Singapore on Jun 12th. USD/JPY has shown a jump of 88 pips from low of 108.95. It is currently trading around 109.45. US dollar index has shown a minor selling from high of 94.30 made on May 25th 2018.The yellow metal hits intraday low of $1296.14 and is currently trading around $1296.16.
- The yellow metals near term resistance at $1307 (200- day MA) and any convincing break above will take the yellow metal till $1316 (55- day EMA)/ $1324 (50% fibo).
- On the lower side, near term support is around $1294 and any break below will drag the yellow metal down till $1285/$1280.
It is good to sell on rallies around $1302-03 with SL around $1308 for the TP of $1294/$1287.
