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Gold faces stiff resistance at 1207

FXStreet (Mumbai) - Gold is trading at USD 1240.6/Oz at the time of writing, after failing to sustain above the resistance level of USD 1207/Oz.

The yellow metal managed to hit an Intraday high of USD 1212/Oz, shy away from the resistance level of USD 1215/Oz. Prices appear to be taking cues from the ten-year treasury yields which have recovered to 2.42 from a low of 2.4. Treasury yields are known to have an inverse relationship with Gold prices.

However, losses may remain capped around the support level of USD 1200/Oz since the US equity futures are pointing to a weak opening. No major US macro economic data is due today which leaves the yellow metal at the mercy of movement in Equity markets.

Gold technical levels

Gold has a strong support at 1200; breach of which shall open doors for 1191. Meanwhile, stiff resistance is located at 1207, 1212 and 1215.

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