FxWirePro
Short

GOLD VS US 10 -year yield

TVC:TNX   CBOE 10 YR TREASURY NOTE YIELD
Gold             jumped almost $17 from the yesterday low of $1304.50 and hits fresh three-month high. The main reason for jump is due to weakness of US dollar             . US dollar index             is trading weak for the past 12 days and closed below neck line support for two consecutive days. It is currently trading around 91.88. The yellow metal jumped till $1321.50 and is currently trading around $1313.
US 10 year yield rose almost 3% from low of 2.40% on strong US stock market and also due to slight jump in European bond yields after positive comment from ECB board member. US yield and gold             have negative correlation of 65% for the past one year and 82% for the past four months. So any further jump in yields will drag the yellow metal down till $1287 (10 – day MA)

On the higher side, gold             is facing strong resistance at $1321 and any break above will take the yellow metal till $1331/$1339 (161.8% retracement).

The near term support is at $1302 (5- day MA) and any violation below will drag the metal to next level till $1295 (7- day MA) /$1287 (100- day MA). Minor weakness below $1270 (200- day MA). Any break below $1270 will drag the gold             till $1260/$1243/$1236 (Dec 12th 2017 low).

It is good to sell on rallies around $1315-17 with SL around $1322 for the TP of $1302/$1295.

Thank you for sharing your knowledge, I really appreciate it.
Reply
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
HE עברית
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out