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10 Apr 2015
Gold back above USD 1200 as Treasury yields drop
FXStreet (Mumbai) - Gold prices rose to a high of USD 1206.6/Oz, tracking the slump ion the treasury yields after the data in the US showed a sharp drop in the import prices in March.
Stuck at hourly 100-MA
The metal currently trades at its hourly 100-MA located at USD 1205.850/Oz as the Treasury yields in the US slumped. The 10-year yield dropped 3 basis points to 1.923%. Gold prices, known to have an inverse relationship with the yields, shot higher to its hourly 100-MA.
Meanwhile, the USD index cooled down to 99.56 from the high of 99.97. Moreover, the yellow metal has been resilient to the strength in the USD today, rising steadily from the low of USD 1192.9.
Gold Technical Levels
The immediate support is seen at 1200.00, under which losses could be extended to 1194.28 (50-DMA). On the flip side, resistance is seen at 1208.6 (10-DMA), above which gains could be extended to 1213.82 (100-DMA).
Stuck at hourly 100-MA
The metal currently trades at its hourly 100-MA located at USD 1205.850/Oz as the Treasury yields in the US slumped. The 10-year yield dropped 3 basis points to 1.923%. Gold prices, known to have an inverse relationship with the yields, shot higher to its hourly 100-MA.
Meanwhile, the USD index cooled down to 99.56 from the high of 99.97. Moreover, the yellow metal has been resilient to the strength in the USD today, rising steadily from the low of USD 1192.9.
Gold Technical Levels
The immediate support is seen at 1200.00, under which losses could be extended to 1194.28 (50-DMA). On the flip side, resistance is seen at 1208.6 (10-DMA), above which gains could be extended to 1213.82 (100-DMA).