Gold pared some of its gains due to profit booking. It hit a high of $2670 and is currently trading around $2660.
Markets eye US PCE data today for further direction.
According to the CME Fed watch tool, the probability of a 50 bpbs rate cut in Nov decreased to 49.2% from 50.4% a week ago.
Technical (15 min chart)-
The yellow metal trades below short-term (34 and 55 EMA ) and long-term (200- EMA).
The near–term support is around $2660, a break below targets $2640/$2624/$2610/$2600/$2570/$2560/$2545/$2520/$2470. Major bearish continuation only below $2470.The yellow metal faces minor resistance around $2670 and a breach above will take it to the next level of $2689/$2700.
Indicator (15 chart)
CCI (50)- Bearish
Average directional movement Index - Bearish
It is good to sell on rallies around $2664-65 with SL around $2675 for TP of $2624/$2600.
