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Gold inches closer to resistance

FXStreet (Mumbai) - Gold prices have inched closer to a technical resistance of USD 1230-1232/Oz, taking cues from a further decline in the US ten-year treasury yields.

Gold is now trading 1.93% higher at USD 1229.30/Oz while the ten-year treasury yield is threatening to take out the August low of 2.3. The yellow metal also finds support from the slight exhaustion in the European equity markets.

Prices may rise further if the US Equity futures slip into the red. Meanwhile, the US Dollar index has steadied around 85.19 levels.

Gold technical levels

A breach of 1230-1232 levels on the upside shall open doors for a sharp rise to 1243 levels (high of 16th Sep, 2014). On the flip side, prices may slip to 1224, if the metal fails to sustain at the current levels.

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