FxWirerPro: Gold decline after hitting three week high, Trump policy in focus
Major resistance - $1260 (200- day MA). Gold declined slightly after hitting three week high on account slight recovery in US dollar from seven week low. The yellow jumped till $1251.15 yesterday and is currently trading…
Gold declined slightly after hitting three week high on account slight recovery in US dollar from seven week low. The yellow jumped till $1251.15 yesterday and is currently trading around $1245.
DXY has slightly recovered after making a low of 99.55 level. The index is facing strong support at 99.25 and break below will drag the pair down till 98.
U.S 10 year yield hits month low at 2.38% on concerns over Trump policies. It has closed at 2.40%. U.S bond has shown a slight jump after Fed hints at gradual increase of interest rates.
Technically, near term resistance is $1250 and any break above will take the yellow metal till $1260 (200- day MA).
On the lower side, $1229 (daily Kijun-Sen) will be acting as major support and any break below will drag the gold down till $1222 (100- day MA)/$1219 (50- day MA).
It is good to buy on dips around $1235-37 with SL around $1229 for the TP of $1250/$1259.
