Gold is trading in a narrow range and markets eye US Fed policy meeting for further direction. The yellow metal recovered sharply after the escalation of geopolitical tensions in the Middle East. It has jumped nearly 10 from an intraday low of $1493 and is trading around $1501.70.
US 10 year bond yield is trading higher in the US session and shown a jump of more than 2% from an intraday low of 1.80%. It is currently around 1.827%.
Major intraday support to be watched -$1486 and any break below targets $1475 (10-- W MA)/$1469.Minor weakness only below $1469.
Resistance -The yellow metal is facing strong intraday resistance around $1510-12 and any break above targets $1525/$1540.
Additional Levels
$1469-76 (50- day MA and 55- day EMA)
$1445 (38.2% fib)
$1414
$1390 (38.2% fib)
