Gold lose ground in early US Session, Normal Profit Booking or Signs of Reversal?
Yellow Metal is showing some signs of correction after making a high at 2758$ levels in late European Session. A small Head & Shoulder has appeared on Gold 30 Min Time Frame which is signalling that some Profit Booking is on cards. Silver is also not supporting Gold Prices & the white metal is down 2.20% at the time of writing this report. US10 Year Bond Yields & Dollar Index continue to rise which is further keeping buyers light.
Now the main question is whether this is normal profit booking or signs of Trend Change as multiple supports are there at bottom.
Gold can test the prior breakout levels at 2685$ if it is not going above today's high at 2758$.
CMP: $2739
S1-2730
S2-2715
S3-2700
R1- 2744
R2- 2750
R3-2762
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