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Gold declines most in two-weeks

FXStreet (Mumbai) - Gold fell the most in two weeks as the back-to-back positive economic news out of the US and the Eurozone made sure that the yellow metal faced rejection near crucial technical levels.

Gold is trading 1.38% lower at USD 1228.10/Oz, near the day’s low of USD 1226.90. Moreover, the prices have been on a steady decline since the Asian session today. Strong Chinese and German PMI numbers reduced the safe haven appeal of the yellow metal. Meanwhile, a drop in the four week average of the jobless claims to May 2000 levels further pressurized the Gold prices.

Gold is likely to extend its fall today as the US Equities have added more than 1.2% today. Meanwhile the ten-year treasury yields are also inching higher towards the 2.3% level.

Gold Technical levels

Gold has repeatedly failed to breach the technical resistance of 1250 throughout this week, leading to a sell-off witnessed today. Gold has an immediate support of 1225-1123 levels, below which prices can drop to 1217 levels. On the other hand, Gold may rise to 1235 levels if the prices stay above 1223 levels.

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