FXStreet (Mumbai) - The recent upbeat US economic data coupled with increased Dec Fed rate hike bets gave a double blow to the yellow metal, knocking-off the bullion to the lowest levels since 2010. Gold: Sub $ 1070 for the first time since Feb 2010 Currently, gold trades -0.10% lower at 1067.50, keeping range within a shouting distance of the fresh multi-year lows struck at 1064.50 in the last US session. Gold faces double whammy from improved US employment and inflation data on one hand, while markets’ beliefs that Dec Fed rate hike is a done deal also keep gold prices undermined. Gold tends to lose in a higher interest rate environment as it is a non-interest bearing investment asset. Following the inflation report, the odds of a 25 basis hike in December rose to 74%, as suggested by the CME Group's FedWatch tool. While extension of the previous risk-on rally in the equities also keeps the recovery in the bullion capped, as risk-appetite persists. In the day ahead, the US housing data will be watched for further USD moves, which will eventually impact the precious metal. While gold prices will continue to track the broader market sentiment. Gold Technical Levels The metal has an immediate resistance at 1070 (psychological levels) and 1074.39 (1h 20-SMA). Meanwhile, the major support stands at 1064.50 (Nov 17 Low), below which doors could open for 1060.50 (daily S1). For more information, read our latest forex news.