FxWirePro: Gold trades weak on easing geo political tensions, good to sell on rallies
Gold has shown a $10 recovery after hitting low of $1301.70 level. The yellow metal weakness was mainly due to easing geo political tensions especially North Korea. The huger jump in US dollar index till 92.57 after brea…
Gold has shown a $10 recovery after hitting low of $1301.70 level. The yellow metal weakness was mainly due to easing geo political tensions especially North Korea. The huger jump in US dollar index till 92.57 after breaking a high of 92 yesterday is also dragging gold price. US 10 year yield has shown a minor recovery from low of 2.93% and is currently trading around 2.985%.
US ISM came at 57.3 compared to forecast of 58.4 weakest since July 2017.The yellow metals near term resistance at $1312 (55- H EMA) and any break above will take the yellow metal till $1316.50 (23.6% fibo)/$1321/$1323.80 (200- H MA).
On the lower side, near term support is around $1302 (200- day MA) and any daily close below will drag the yellow metal down till $1294.
It is good to sell on rallies around $1313-14 with SL around $1320 for the TP of $1302/$1300.
