Gold has shown a decline of nearly $15 after the release of US Fed monetary policy. The central bank cuts interest rates by 25 bps as expected for the first time since 2008 and stated that uncertainties on outlook remain, will act as appropriate. Core and overall inflation remain below 2%.
US 10 year bond yield continues to trade lower and declined more than 2% from a high of 2.055%. It is currently trading around 2.01%.
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.
Resistance -The yellow metal is facing strong resistance around $1440 and any break above targets $1452. Bullish continuation only above $1452. The minor resistance is around $1434.
Additional Levels
$1381 (61.8% fib of $1266 and $1452)
$1360 (resistance turned into support)
$1347 Low made after Jun Fed policy
$1339- Jun 18th low
$1332 - Jun 17th low
$1320 Jun 11th low
