FxWirePro: Gold daily outlook
Source: FxWire Pro - Technicals / 01 Dec 2019 09:29:48 America/New_York
Major support - $1445
Gold has shown a minor recovery from a low of $1452.50 level on an escalation of Hong Kong protests. US President Trump has signed the Hong Kong Human Rights and Democracy act bill supporting protesters which raised concerns over the US-China trade deal. The yellow metal
The US 10- year bond yield has formed a double bottom at 1.730% and shown a minor recovery till 1.779%. The spread between US 2and 10-year has narrowed to 14.1 bps from 27 bps.
According to the Fed Watch tool, the probability of the Fed to keep rates unchanged has increased to 94.8% from 92.6% 1-week ago, the chance of rate hike declined to 5.2% from 7.4%.
On the flip side, near-term support stands at $1445, violation below will drag the yellow metal down till $1430/$1413 possible.
The near-term resistance is at $1480, any indicative break above targets $1500/$1525.
It is good to sell on rallies around $1465-67 with SL around $1478 for the TP of $.© FxWire Pro 2020. All rights reserved. The FxWire Pro content received through this service is the intellectual property of FxWire Pro or its third party suppliers. Republication or redistribution of content provided by FxWire Pro is expressly prohibited without the prior written consent of FxWire Pro, except for personal and non-commercial use. Neither FxWire Pro nor its third party suppliers shall be liable for any errors, omissions or delays in content, or for any actions taken in reliance thereon.