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Gold erases gains

FXStreet (Mumbai) - Gold prices fell-off the day’s high after the release of the US consumer confidence data, which hit a 7-year high in October.

Gold is back at USD 1229/Oz levels, trading just 0.03% higher for the day. Moreover, the prices had hit a high of USD 1235/Oz levels after the Durable goods orders data, at -1.5%, missed the market expectation of a 0.5% gain. However, the metal failed to capitalize on the gains taking cues from the resilient US Equity markets and the Treasury yields. The yellow metal lost its gains after the Consumer confidence in October blew past market expectation of 87.00, to print higher at 94.5.

Meanwhile, the US ten-year yields are trading near the day’s high of 2.296%. However, the stock markets are more or less unchanged post the release of the Consumer confidence data.

Gold Technical levels

Gold has an immediate resistance at 1235.20 while the immediate support is located at 1227.00. A breach on either side shall open doors for a re-test of 1242 or 1220 levels respectively.

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