• 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.

     

Share on,