Gold wavers, treasury yields trim gains

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 8, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - Gold prices rose toa high of USD 1151.30/Oz before falling back to USD 1145/Oz, while the treasury yields quickly erased the minor spike witnessed after the Fed minutes release.

    Gold hovers around USD 1145/Oz

    The metal currently trades around USD 1145/Oz; 0.10% lower on the day. Earlier today, the prices hit a low of USD 1136/Oz, before recovering to trade around USD 1144/O ahead of the minutes. Prices spiked after the fed minutes, provided no clue regarding the timing of the liftoff.

    Meanwhile, the 10-yr treasury yield witnessed a minor spike to 21.10%, before falling back to trade around 2.06%. The 2-yr yield, which is more policy sensitive now trades around 0.613; down 1.6 basis points on the day. The USD index has weakened 0.5% to trade around 95.10 levels.

    Gold Technical Levels

    The metal currently trades around USD 1145/Oz, with immediate hurdle seen at USD 1153.00, above which the immediate resistance is seen at 1156.70 (Sept 24 high), followed by a major hurdle at 1169.99 (Aug 24 high) and 1200 levels. On the downside, a break below 100-DMA at 1142.63 would expose 1132.90 (Nov 2014 low) and 1121.50 (50-DMA).
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