OctaFX | OctaFX Forex Broker
Open trading account
Back

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.

EUR/USD steady above 1.2600 on Tuesday - FXStreet

FXStreet Chief Analyst Valeria Bednarik notes that EUR/USD fell from the 1.2664 spike after the release of disappointing German Industrial Production numbers, but continues trading above the 1.2600 level.
Read more Previous

USD/CHF rises above 0.9600 after bearish correction

Greenback is rising against the Swiss franc on Tuesday after falling sharply on Monday.
Read more Next
Start livechat