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Gold fails to sustain above USD 1230/Oz

FXStreet (Mumbai) - Gold prices hit a high of USD 1233.4/Oz, tracking the fall in the US Equity markets. However, the yellow metal has declined to USD 1227/Oz and appears to be stuck in a narrow range.

Despite of a drop in the US Equity markets, Gold prices could not sustain the gains as the US ten-year treasury yields are back above the August lows, to trade at 2.321. The rise in the treasury yields may lead to strength in the US dollar. Consequently, Gold prices may weaken.

Overall, the yellow metal is trading 1.91% up, at USD 1229/Oz today.

Gold Technical levels

Gold may post a sharp rally if the prices manage to breach and sustain above the strong resistance level of 1230-1232. On the flip side, another failed attempt to sustain above 1230-1232, can push the prices sharply lower to 1215 and 1207 levels.

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