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Gold declines ahead of the US Durbale Goods Orders data

FXStreet (Mumbai) - Gold prices have edged marginally lower ahead of the US durable goods data, tracking the rise in the US Equity futures.

Gold is trading 0.19% lower at USD 1227/Oz, after having hit a high of USD 1231.70/Oz during the European session. Moreover, the US Equities are trading higher ahead of the release of the Durable goods orders number for September due at 12:30 GMT. The DJIA December futures are trading 0.47% higher, while the S&P December futures are trading 0.53% higher at the time of writing. Consequently, the ten-year treasury yields have inched higher to 2.287%.

The yellow metal may extend losses if the durable goods orders rise more than the market expectation of 0.5% growth.

Gold Technical levels

Gold has an immediate resistance of the day’s high of 1231.30, above which prices can rise to 1235 levels. Meanwhile, prices may slip to 1225 levels since the metal has failed to sustain gains above 1230 levels.

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