13 Jan 2015
Gold erases gains
FXStreet (Mumbai) - The strength in the US equity markets coupled with recovery in the US Treasury prices has pushed Gold prices to the previous session’s close at USD 1232.80/Oz levels.
The yellow metal declined from a high of USD 1244.30 hit earlier today to trade just 0.10% up for the day at USD 1234/Oz levels. The haven demand for the yellow metal declined as equity markets in the US posted solid gains. The DJIA currently trades 1.42% higher at 17,891.50, while the S&P futures trade 1.285 higher at 2048.45 levels. Meanwhile, the US 10-yr Treasury yields have recovered losses to trade 2.1 basis points higher at 1.933%. The strength in the Treasury yields has pushed the USD index up by 0.32%.
The yellow metal may fall into the red, if the equity markets extend rally, thereby pulling up the Treasury yields.
Gold Technical Levels
The metal has an immediate resistance located at 1238.3, above which gains could be extended to 1244.87 (200-DMA) levels. Meanwhile, support is seen at 1230.00 and 1224.42 (5-DMA) levels.
The yellow metal declined from a high of USD 1244.30 hit earlier today to trade just 0.10% up for the day at USD 1234/Oz levels. The haven demand for the yellow metal declined as equity markets in the US posted solid gains. The DJIA currently trades 1.42% higher at 17,891.50, while the S&P futures trade 1.285 higher at 2048.45 levels. Meanwhile, the US 10-yr Treasury yields have recovered losses to trade 2.1 basis points higher at 1.933%. The strength in the Treasury yields has pushed the USD index up by 0.32%.
The yellow metal may fall into the red, if the equity markets extend rally, thereby pulling up the Treasury yields.
Gold Technical Levels
The metal has an immediate resistance located at 1238.3, above which gains could be extended to 1244.87 (200-DMA) levels. Meanwhile, support is seen at 1230.00 and 1224.42 (5-DMA) levels.