Gold is trading lower in US session after a minor recovery till $1496.75 after the release of durable goods orders. The US Core Durable goods orders m/m rose 0.5% compared to forecast of 0.2% while new orders for the key US-made capital goods has fallen sharply by 0.2%. Core PCE index m/m came at 0.2% compared to forecast of 0.1%.The yellow metal hits low of $1486.81 and is currently trading around $1492.71.
US 10-year yield is trading flat after declining more than 2% from high 1.74%. It is currently trading at around 1.697%. Any break below 1.684% confirms further weakness.
Major intraday support to be watched -$1485 and any break below targets $1475 (55- day EMA MA)/$1469.Minor weakness only below $1469.
Resistance -The yellow metal is facing strong intraday resistance around $1502 and any break above targets $1512/$1528.
Additional Levels
$1445 (38.2% fib)
$1414
$1390 (38.2% fib)
