Gold trades lower on rising US bond yield,sell on rallies:FxWirePro | November 13, 2017

• Gold 0.20% declined after hitting 3- week high on rising US 10 –year bond yields. The yellow metal has dipped till $1273 and is currently trading around $1277.

• The sharp rise in 10 –year bond yield happened after Philadelphia Fed President Patrick Harker said he expects back to back interest rate hikes this year.

• US Dollar index 0.23% has recovered slightly after a dip till 94             .26. The index is facing strong resistance at 95.20 (161.8% fibo) and any break above targets 96/96.51 level. It is currently trading around 94             .58. The pair is facing major support near 94             .23 (20- day MA) and any break below confirms minor weakness till 93.86 (55- day EMA )/92.60 likely.

• Technically gold 0.20% is facing near term resistance around $1291 ( Oct 2.82% 19th 2017 high and 61.8% fibo) and any break above will take the pair to next level till $1300/$1309. Further selling in gold 0.20% can be seen only below $1260.

• Gold’s near term support is around $1262 ( 61.8% retracement of $1204 and $1357.90) and break below will drag the commodity down till $1250.The yellow metal should close below $1250 for major trend reversal. The minor support is around $1277/$1270.

It is good to sell on rallies around $1282-$1284 with SL around $1291 for the TP of $1262/$125.