6 Mar 2015
Gold nears a key Fibo level
FXStreet (Mumbai) - Gold prices extended losses to trade almost at 76.4% Fib retracement (1131.9-1307.3) level located at USD 1173.3.
Gold drops as Treasury yields extend gains
Gold prices continue to weaken as the Treasury yields in the US extend gains after a stellar February month jobs report in the US. Moreover, the yields could be pricing-in a June interest rate hike in the US. Consequently, the yellow metal, know to have an inverse relationship with yields, extended losses to trade at USD 1174/Oz levels. The sell-off could be extended further as the technical traders would also enter as the support at 1190 was finally breached today.
Gold Technical Levels
The metal now trades at USD 1174/Oz; down 1.84%. The immediate support is seen at 1173.3, under which prices could drop to 1167.4 (Jan. 2nd low). On the flip side, resistance is seen at 1186.3 (Dec. 5 low) and 1190.00 levels.
Gold drops as Treasury yields extend gains
Gold prices continue to weaken as the Treasury yields in the US extend gains after a stellar February month jobs report in the US. Moreover, the yields could be pricing-in a June interest rate hike in the US. Consequently, the yellow metal, know to have an inverse relationship with yields, extended losses to trade at USD 1174/Oz levels. The sell-off could be extended further as the technical traders would also enter as the support at 1190 was finally breached today.
Gold Technical Levels
The metal now trades at USD 1174/Oz; down 1.84%. The immediate support is seen at 1173.3, under which prices could drop to 1167.4 (Jan. 2nd low). On the flip side, resistance is seen at 1186.3 (Dec. 5 low) and 1190.00 levels.