Gold trades higher on declining U.S 10-year bond yield, extremely bullish above $1170
Major resistance – $1153 (21- day EMA). Gold broken major resistance at 21- day EMA and jumped till $1163 yesterday. The yellow metal is showing slight jump on account of decline in US dollar and U.S 10 year treasury yie…
Gold broken major resistance at 21- day EMA and jumped till $1163 yesterday. The yellow metal is showing slight jump on account of decline in US dollar and U.S 10 year treasury yields. It is currently trading around $1160.
In the hourly chart US 10 year bond yields is trading slightly weak and it has broken minor support at 2.50% (100- HMA) and a decline till 2.41% (200 – HMA) is possible.
Technically Gold is facing minor resistance at $1171 (Gann 8*1 line) and any break above will take the pair till $1188 (Dec 4th 2016 high)/$1197 (55- day EMA).
On the lower side any close below $1116 (78.6% retracement of $1046 and $1375) and any violation below will drag the pair down till $1100/$1085. The minor support is around $1130.
It is good to buy above $1153 with SL around $1145 for the TP of $1171/$1175.
