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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.

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