FxWirePro: Gold declines on strong global stock market, good to sell on rallies

Gold has once again declined after hitting high of $1348 on easing trade tension and rising global stock market. US economy has added 75000 in May compared forecast of 180000 and wage growth at 0.2% compared to 0.2%.

US Dollar Index -Trend weak. US Dollar index has once again declined sharply after a jump till 97.37. Short term term trend is weak as long as resistance 97.42.It is currently trading around 96.80.

US 10 year yield- Overall trend negative. It hits low of 2.05% lowest since Sep 2017 on declining US jobs data which increased chance of rate cut. It is currently trading around 2.125%.

S&P500: Short term trend - Bullish.It is trading higher for past 5 days and jumped more than 5.5%. Any break above 2900 confirms bullish continuation.

On the higher side, near term resistance is around $1350 and any violation above will take the yellow metal to next level till $1360/$1370.

The near term support is around $1328 (23.6% fib) and any break below confirms minor weakness a dip till $1321/$1309 (10- day MA). Any major weakness only below $1298.

It is good to sell on rallies around $1334-35 with SL around $1346 for the TP of $1309.