Gold has lost nearly $15 from yesterday’s high of $1295 on easing trade war tension between US and China and recovering global stock prices. It is currently trading around $1284.50.
The major three factors that drive gold prices
US dollar Index: neutral. DXY has formed a double bottom around 95.65 and shown a minor jump from that level. The index should break below 95.65 for further weakness. Any break below targets 95/94.80.Major trend reversal level is around 97.75.(slightly positive for gold).
USD/JPY: Neutral. USDJPY has shown a good recovery of more than 400 pips after a huge sell-off . The pair hits high of 108.99 and is currently trading around 108.78. Slightly negative for gold.
US 10 year yield : US 10 year yield has recovered more than 6.5% after hitting 12-month low at 2.54%. The yield has declined sharply in past two months and lost nearly 22% from high of 3.25%.It is currently trading around 2.69%.Slightly negative for Gold.
US 2 year yield: It is trading around 2.54% and jumped more than 8% from the low. The spread between US 10 year and 2 year has declined to 16 bpbs from 30 basis point. The spread between 5 year and 2- year yield has inverted (US 5 year yield trading below US2 year yield).
Gold technical
Major support $1183
On the higher side, yellow metal hits low of $1276.70 and shown a good jump.Any break above $1300 will take the gold to next level till $1320.
The near term support is around $1275 and any violation below will drag the commodity down till $1266/$1252/$1242 /$1234.
It is good to sell on rallies around $1290-92 with SL around $1300 for the TP of $1266.


FxWirePro: USD/CNY downtrend loses steam, remains on bearish path
NZDJPY Bears Stay in Command: Sell Rallies at 92.72-75 Targeting 90 as All EMAs Flash Red
FxWirePro: EUR/ AUD dips below 1.6400 level, focus on near term support
FxWirePro- Woodies pivot (Major)
FxWirePro: GBP/AUD drifts lower after BOE rate decision
NZDJPY Retreats on Yen Strength – Bearish Setup Targets 90 After Hitting 92.75 Low
Nikkei Surges Past 65,000 on Suspected Yen Weakness: Tech Giants Like Advantest and NEC Lead Explosive Gains
FxWirePro: USD/JPY dips as market assess risk of additional FX intervention.
FxWirePro- Major Crypto levels and bias summary
FxWirePro- Major Pair levels and bias summary
All Major JPY Pairs Hit Extreme Bearish Score of -100: USDJPY, EURJPY, GBPJPY, AUDJPY, NZDJPY & CADJPY Flash Maximum Weakness
JPY Currency Meter Signals: NZDJPY Bullish (+25) vs CHFJPY (-100) – These Pairs Could Move Next
US Magnificent 7 Stocks Trend Score: Amazon & Microsoft Hit Extreme Bullish (+100) as Meta Drops to -100 — Key Resistance & Support Watchlist
FxWirePro: AUD/USD gains some ground but outlook is bearish
FxWirePro:USD/JPY climbs back above 160.00 after BOJ rate decision
FxWirePro: AUD/USD cedes early gains ,outlook bearish 



