Gold continues to trade higher and jumped more than $30 from low of $1456 on US-China trade war escalation and declining US bond yield. US dollar index recovery is still in bearish mode after hitting 27 months high and minor bullishness only above 98 levels. The yellow metal hits a fresh 6 year high at $1490 and is currently trading around $1482.73.
US 10 year yield is trading extremely weak for the week and lost more than 8% on Monday and it was sharpest four–day yield slump since Nov 2nd, 2011.
On the higher side, near term resistance is around $1500and any violation above will take the yellow metal till $1540/$1585.
The near term major support is around $1462and any break below will drag the gold till $1455/$1440.
It is good to sell on rallies around $1498-1500 with SL around $1510 for the TP of $1440.
