Gold has shown a more than $10 recovery after hitting an intraday low of $1381.70.The yellow metal lost more than $50 from the high of $1440 after the US and China have decided to restart trade talks has reduced demand for Safe-haven.
Major support to be watched -$1382 and any minor weakness only below that level. Any break below that level targets $1374 (23.6% fib of $1159 and $1440)/$1365.
Resistance -The yellow metal is facing strong resistance around $1397 and any break above targets $1411/$14255. Bullish continuation only above $1440.
Additional Levels
$1361- 20 day MA
$1347 Low made after Fed policy
$1339- Jun 18th low
$1332 - Jun 17th low
$1320 Jun 11th low
