FxWirePro: Gold weekly outlook
Source: FxWire Pro - Technicals / 11 Nov 2019 10:39:12 Europe/London
Major support -$1458
Gold was trading extremely weak in the previous week and lost more than $50 on easing US-China and rising US bond yield. The two countries have agreed to roll back the tariffs in phases, this increased demand for riskier assets like stocks. It declined till $1456 lowest level in 3 months and is currently trading around $1465.
US 10-year yield was soaring and jumped more than 15%. It hits a high of 1.97% and is currently trading at 1.94%. It is holding above major resistance 1.91% and an increase till 2.14% likely.
Technically, major support is around $1456 and any break below confirms bearish continuation, a decline till $1430/$1400 likely.
The major resistance is around 1480, any indicative break above targets $1500/$1525. Major trend reversal only beyond $1555.
It is good to sell on rallies around $1470-71 with SL around $1481 for the TP of $1450/$1430.© FxWire Pro 2019. 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.