Monday , February 19 2018
Home / Blogs / Gold trades weak on strong US 10 year yield, good to sell on rallies

Gold trades weak on strong US 10 year yield, good to sell on rallies

 Gold trades weak on strong US 10 year yield, good to sell on rallies

  • Gold has decline almost $22 on Friday after better than expected US non-farm payroll. The yellow metal declined till $1327 and is currently trading around $1334.
  • US economy has added 20000 jobs for the month of Jan compared to forecast of 18000. Wage growth has improved a lot and gained 2.9% on the annualized basis, the best gain since 2009.  US dollar index gained almost 80 pips from the low of 88.59. US 10 year yield hits 4- year high of 2.85% after strong jobs report.
  • The yellow metal has closed below 20 –day MA and this confirms further weakness, a decline till $1320/$1309 (55- day EMA) is possible.
  • On the higher side near term resistance is around $1352 and break above targets $1357/$1366. Bullish continuation only above $1365. The minor resistance is around $1343/$1347.

It is good to sell on rallies around $1335-37 with SL around $1343 for the TP of $1320/$1309.55.

 

Source: FXWire Technicals

 

About Makkaba Co., Ltd.

Makkaba Co., Ltd.

Hotline: (+84)(0) 904935786; Tel.: (+84) (0)28.35208726
Email: m2mtradingsignals@gmail.com - Phone:

Check Also

Another wild day for U.S. markets

Another wild day for U.S. markets It was another wild day for American markets, U.S. …

Americas roundup; Dollar surrenders gains on inflation data, Gold rebounds, Wall street rally, Oil rallies after U.S. inventory data, Saudi remarks-february 15th 2018

Americas roundup; Dollar surrenders gains on inflation data, Gold rebounds, Wall street rally, Oil rallies …

Leave a Reply

Your email address will not be published. Required fields are marked *