27 Feb 2015
Gold falls further, despite weaker USD
FXStreet (Mumbai) - Gold prices on Comex remained pressured during the European session, heading for a flat weekly performance, but still likely to post a nearly 6% fall for the whole month.
Gold drops sharply from 1210 levels
Currently, gold trades lower by -0.31% at 1206.30 levels, having previously posted session lows at 1204.50 levels and highs at 1212.10. Gold prices kept losses despite a broadly weaker US dollar, as higher yields on US treasuries dulled gold’s attractiveness as an alternative investment. 10-yr Yields on US treasuries trades at 2.047%, recording a gain of 1.64% on the day.
Gold prices are likely to remain subdued ahead of key US economic releases including GDP, Home sales and Consumer sentiments data which may provide further moves on the yellow metal.
Gold Technical Levels
The metal has an immediate resistance at 1214.57 (100-DMA) and 1218.93 (20-DMA) levels. Meanwhile, support stands at 1204.14 (5-DMA) levels below which doors could open for 1200 levels.
Gold drops sharply from 1210 levels
Currently, gold trades lower by -0.31% at 1206.30 levels, having previously posted session lows at 1204.50 levels and highs at 1212.10. Gold prices kept losses despite a broadly weaker US dollar, as higher yields on US treasuries dulled gold’s attractiveness as an alternative investment. 10-yr Yields on US treasuries trades at 2.047%, recording a gain of 1.64% on the day.
Gold prices are likely to remain subdued ahead of key US economic releases including GDP, Home sales and Consumer sentiments data which may provide further moves on the yellow metal.
Gold Technical Levels
The metal has an immediate resistance at 1214.57 (100-DMA) and 1218.93 (20-DMA) levels. Meanwhile, support stands at 1204.14 (5-DMA) levels below which doors could open for 1200 levels.