Gold trades lower on strong US bond yield,sell on rallies

Gold             hits fresh 2 week –low after showing a minor recovery till $1283.50 yesterday on account of strong US 10 –year yields and firm equities. The yellow metal hits low of $1271.50 and is currently trading around $1273.95.

• US equities hits record high yesterday and US 10 year yields hits 3- week high on tax cut plan and Fed Chair theme.

US Dollar index             is consolidating after hitting high of 94.02. The index is facing strong resistance at 94.27 and any further bullishness can be seen only above that level. It is currently trading around 93.81. The pair is facing major support near 92.60 and any break below confirms minor weakness till 91.95/91.62. The near term resistance is at 94.29 and any convincing break above will take the index to next level till 95/96.

• U.S 10 year yield has broken major resistance at 2.40% and this confirms minor bullishness a jump till 2.62% likely. Over the last month, the yield of USD has grown to six months high

• Technically gold             is facing major resistance around $1284 (55- 4H EMA ) and any break above will take the yellow metal till $1291/$1300.

• Gold’s near term support is around $1269 ( trend line support) and break below will drag the commodity down till $1262 ( 61.8% retracement of $1204 and $1357.90).The yellow metal should close below $1250 for major trend reversal.

It is good to sell on rallies around $1275-77 with SL around $1284 for the TP of $1262.
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