Gold is trading slightly lower in European session after a minor recovery till $1511. The yellow metal hits low of $1500.35 and shown a jump after US final GDP q/q. It shows the US economy is growing slowly in the second quarter and came at a 2% annual pace from Apr to June. It is currently trading around $1506.50.
US 10-year yield lost nearly 0.80% after the data and is currently trading at around 1.697%. Any break below 1.684% confirms further weakness.
Major intraday support to be watched -$1500 and any break below targets $1489/$1475 (55- day EMA MA)/$1469.Minor weakness only below $1469.
Resistance -The yellow metal is facing strong intraday resistance around $1512 and any break above targets $1525/$1540.
Additional Levels
$1445 (38.2% fib)
$1414
$1390 (38.2% fib)
