FxWirePro
Short

Gold trades weak on rising US yields, good to sell on rallies

FX:XAUUSD   Gold Spot / U.S. Dollar
Gold             has declined almost $18 from the high of $1352 formed yesterday. The yellow metal selling was mainly due to rise in US yields and slight recovery in US dollar             . US dollar index             has recovered more than 100 pips from the low of 88.44. It is currently trading around 89.46.

US 10 year yield rose above 2.70% for the first time since 2014.Markets awaits Fed policy meeting which is to be happen on Wed. Any hawkish statement by Fed would be supportive for US dollar             and bond yields.

The near term support is at $1330 (20- day MA) and any violation below will drag the metal to next level till $1320/$1316.50 .Major weakness below $1330.

On the higher side near term resistance is around $1340 (10- day MA) and break above targets $1347/$1355. Bullish continuation only above $1365.

It is good to sell on rallies around $1337-39 with SL around $1347 for the TP of $1324/$1316.




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FxWirePro ShivamVerma
@ShivamVerma, u stop following.previous call target hit .
+1 Reply
Sl hit once again
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Touch SL
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FxWirePro ashrafj1
@ashrafj1, just miss.once again showing good weakness
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NOW 1ST TIME I M WITH YOU SELL ON RISE
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