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Gold remains stuck in a range

FXStreet (Mumbai) - The range bound action in Gold remains intact for the third straight session amid USD strength and the weakness in the stock markets.

Gold comatose, while treasury yields dip

Prices trade comatose around USD 1090/Oz levels, while the treasury yields dipped. The 2-yr yield fell more than 1 bps and the 10-yr yield declined by more than 2 bps. However, the weakness in the yield has had little effect on the USD index, which trades largely unchanged around 99.20 levels.

Ahead in the day, there is little reason for the metal to breach its three day old range of USD 1085-1095 as the US markets are closed and the economic calendar is empty.

Gold Technical Levels

The immediate resistance is seen at 1091.53 (hourly 50-MA), above which the prices could test 1100. On the other side, support is seen at 1085.44 (Friday’s low), under which the losses could be extended to 1070 (July lows).

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