FxWirePro: Gold recovers slightly from recent low, geopolitics eyed
Gold rebounded slightly after a recent sharp dip following French elections and attention turned to geopolitical risks on the Korean peninsula where U.S planned to set up a sophisticated anti-missile system. The yellow m…
Gold rebounded slightly after a recent sharp dip following French elections and attention turned to geopolitical risks on the Korean peninsula where U.S planned to set up a sophisticated anti-missile system. The yellow metal jumped almost $10 from the low made yesterday and is currently trading around $1267 0.02% lower.
Markets has shown very little reaction to the new tax plan unveiled by Donald Trump. The top corporate tax rate of all business will be lowered from 35% to 15%.
U.S 10 year bond yield shown a minor decline after jumping till 2.33% and is currently trading around 2.31%.
Gold has taken support near 200- day MA and shown a minor jump from that level. Any break below 200 –day MA ($1256) will drag the yellow metal down till $1245 (50% retracement of $1195 and 1295)/$1239 (100- day EMA).
On the higher side, near term resistance is around $1273 (23.6% retracement of $1295 and $1259) and any break above targets $1284/ $1295 (Apr 17th high)/$1300/$1318 (161.8% retracement of $1295 and $1265).
It is good to sell on rallies around $1267-$1270 with SL around $1280 for the TP of $1256/$1245.
