8 Oct 2014
Gold faces resistance on hourly chart
FXStreet (Mumbai) - Gold prices failed to sustain at days’ high of USD 1220.6/Oz as prices faced stiff resistance around USD 1220/Oz levels on hourly chart. Gold now trades at USD 1217.80/Oz.
The Yellow metal, which has been rising since early Asian trade today, appears exhausted around the resistance level. The S&P futures have turned marginally positive which may have capped gains in Gold. The ten-year treasury yields have also recovered marginally from the day’s low of 2.32, to trade at 2.348.
Gold technical levels
Gold faces a strong resistance zone around 1220 on the hourly charts while the support is located at 1215 and 1213.
The Yellow metal, which has been rising since early Asian trade today, appears exhausted around the resistance level. The S&P futures have turned marginally positive which may have capped gains in Gold. The ten-year treasury yields have also recovered marginally from the day’s low of 2.32, to trade at 2.348.
Gold technical levels
Gold faces a strong resistance zone around 1220 on the hourly charts while the support is located at 1215 and 1213.