FxWirePro: buy Gold on dips
Source: FxWire Pro - Technicals / 04 Dec 2019 01:44:49 America/New_York
Major resistance- $1480
Gold recovered sharply nearly $20 on ongoing trade war uncertainty between the US and China. President Trump has tweeted that he like "idea of waiting until after the election for the China deal."Earlier on Monday US told that it would reimpose tariffs on steel and aluminum imported from Argentina and Brazil. The yellow metal hits a high of $1481.40 and is currently trading around $1480.73.
The US 10-year yield continues to trade weak for 2nd consecutive days and lost more than 9%. The spread between 10 and 2-year treasury has slightly narrowed to 17.2 bps from 21 bps.
On the flip side, near-term support stands at $1456, violation below will drag the yellow metal down till $1445/$1430/$1413 possible.
The near-term resistance is at $1480, any indicative break above targets $1500/$1525.
It is good to buy on dips around $1471-72 with SL around $1460 for the TP of $1495.© 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.