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21 Apr 2015
Gold rejected at USD 1200
FXStreet (Mumbai) - Gold prices faced rejection at USD 1200/Oz levels ahead of the US opening bell, as the USD remains resilient on the back of a recovery in the long-term treasury yields.
Gold: back to square one
The metal is back to its opening rate of USD 1195.8/Oz levels, after having set a session high of USD 1202.1 earlier today. A slight decline in the USD ahead of the US session helped the metal clock a high of the USD 1200 mark. However, the metal could not sustain gains as the recovery in the US 10-year and 30-year Treasury yield weighed over prices. The metal is known to have an inverse relationship with the long-term rates in the US.
Gold Technical Levels
The immediate resistance is located at 1201.29 (10-DMA), above which gains could be extended to the resistance zone of 1208-1210. On the flip side, a break below 1191.56 (50-DMA), under which losses could be extended to 1183.7 (Apr. 14 low).
Gold: back to square one
The metal is back to its opening rate of USD 1195.8/Oz levels, after having set a session high of USD 1202.1 earlier today. A slight decline in the USD ahead of the US session helped the metal clock a high of the USD 1200 mark. However, the metal could not sustain gains as the recovery in the US 10-year and 30-year Treasury yield weighed over prices. The metal is known to have an inverse relationship with the long-term rates in the US.
Gold Technical Levels
The immediate resistance is located at 1201.29 (10-DMA), above which gains could be extended to the resistance zone of 1208-1210. On the flip side, a break below 1191.56 (50-DMA), under which losses could be extended to 1183.7 (Apr. 14 low).