Major support- $1458
Gold trading slightly weak on a strong jump in the US stock market. The US-China trade optimism has increased demand for riskier assets like stock and S&P500 hits fresh all-time high at 3087. The US is expected to roll back tariffs on $112 billion as a concession to seal a "phase one deal" trade deal. Markets eye US ISM services PMI data to be released today for further direction.
US 10-year yield is consolidating after a forming a temporary top around 1.86%. Any further jump can be seen only above 1.907%. It is currently trading around 1.80%.
On the flip side, near term support is around $1480, any violation below will drag the yellow metal down till $1473/$1458. Major bearishness only below $1458.
The major resistance is around $1518-20, the indicative break above will take the gold to the next level till $1535/$1555.
It is good to buy on dips around $1498-500 with SL $1490 for the TP of $1550.
