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Gold at day’s high as US Durable Goods Orders fall in September

FXStreet (Mumbai) - Gold prices have shot higher to trade at the day’s high after the official data in the US revealed a fall in the US durable goods orders in September.

Gold now trades 0.41% higher for the day at USD 1234.40/Oz levels. The official data released in the US showed that the Durable goods orders contracted by 1.3% in September, compared to the market expectation of 0.5% expansion. Moreover, Gold prices had come under pressure ahead of the data as the markets were anticipating a better print.

However, the weak data has had not impact on the US Ten-year treasury yields which continue to hover around pre-data levels of 2.27%. Meanwhile, the US equity futures too, have not seen much movement post the disappointing data. Thus, the rise in the Gold prices may be capped.

Gold Technical levels

Gold has an immediate resistance of 1235.20, above which prices can rise to 1240 levels. On the flip side, prices may decline to 1227 levels if the immediate support of 1230 is breached.

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