Gold is trading lower almost more than $10 on Friday after hitting 5-month high of $1250. Markets eye US Fed decision for further direction.It is currently trading around $1237.
The major three factors that drive gold prices
US dollar Index: neutral. DXY is trading flat after hitting high of 97.71 on Friday.The index has shown a decline once again after braking previous high 97.69 high made on Nov 12th 2018.US dollar index’s major resistance is around 97.75 (trend line resistance) and any further bullishness only above that level.It is currently trading around 97.42. (negative for gold).
USD/JPY: Strong. The pair has shown a minor recovery of 25 pips from low of 113.21.It is currently trading around 113.47. The near term resistance is around 114 and any break below targets 114.25/114.55. Slightly negative for gold.
US 10 year yield : US 10 year yield is trading flat after 3.5% jump from low of 2.8170 and currently trading around 2.89%.negative for Gold.
US 2 year yield: It has jumped more than 4% from low of 2.68% and spread between US 10 year and 2 year has decreased sharply to 15bpbs from 30 bpbs. The spread between 5 year and 2- year yield has inverted for the first time since 2007.
Gold technical
Major support $1183
Major resistance - $1243
On the higher side, major resistance is around $1251 and any convincing break above targets $1260/$1265.
The near term support is around $1233 (20-day MA) and any violation below will drag the commodity down till $1225 (89-day EMA)/$1217.
It is good to sell on rallies around $1243-44 with SL around $1251 for the TP of $1230/$1225.


FxWirePro:USD/JPY climbs back above 160.00 after BOJ rate decision
FxWirePro- Major Pair levels and bias summary
FxWirePro: GBP/AUD drifts lower after BOE rate decision
AUDJPY Bears Tighten Grip: Sell Rallies at 110.65-67 Targeting 107.75 as All EMAs Stay Red
Major European Indices Score Extremely Bullish: DAX Eyes 26000, CAC Targets 8600, FTSE100 at 11000 – Key Levels to Watch
FxWirePro: GBP/NZD remains weak, eyes 38.2%fib support
US Magnificent 7 Stocks Trend Score: Amazon & Microsoft Hit Extreme Bullish (+100) as Meta Drops to -100 — Key Resistance & Support Watchlist
AUDJPY Volatile After Massive Sell-Off: Sell Rallies at 113, Targeting 110 as Bearish Momentum Surges
FxWirePro: GBP/AUD bears maintain upper hand
FxWirePro- Major Crypto levels and bias summary
Nikkei Surges Past 65,000 on Suspected Yen Weakness: Tech Giants Like Advantest and NEC Lead Explosive Gains
NZDJPY Retreats on Yen Strength – Bearish Setup Targets 90 After Hitting 92.75 Low
FxWirePro: AUD/USD cedes early gains ,outlook bearish
Forex Scorecard: EUR/USD, GBP/USD, and NZD/USD Stand Out as Prime Bullish Opportunities
FxWirePro: USD/ZAR gains as stronger dollar outweighs upbeat South Africa's trade surplus
NZDJPY Bears Stay in Command: Sell Rallies at 92.72-75 Targeting 90 as All EMAs Flash Red
FxWirePro: USD/CNY dips to hit three year low,scope for further downside 



