Gold has shown a decline of nearly $8 after US advance GDP data. US GDP came at 2.1% in the second quarter compared to a forecast of 1.8% and personal consumption at 4.3% vs 4.0% expected. The yellow metal hits an intraday low of $1413.47 and is currently trading around $1419.73.
Major support to be watched -$1410-13 and any minor weakness only below that level. Any break below that level targets $1400/$1390/$1380.6% fib of $1159 and $1440)/$1365. the minor support is around $1423.
Resistance -The yellow metal is facing strong resistance around $1440 and any break above targets $1452. Bullish continuation only above $1452.
Additional Levels
$1374 (61.8% fib of $1159 and $1440)
$1360 (resistance turned into support)
$1347 Low made after Fed policy
$1339- Jun 18th low
$1332 - Jun 17th low
$1320 Jun 11th low
