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23 Jan 2015
Gold declines despite weakness in the US stocks
FXStreet (Mumbai) - Gold prices extended decline in the US session despite weakness in the US stocks and fall in the US Treasury yields.
The metal now trades 0.90% lower at USD 1289/Oz levels after having failed repeatedly near USD 1300 levels since the Asian session. Interestingly, the metal has weakened even though the DJIA declined 40.48 points or 0.23% at 17,773 levels, while the S&P futures are down 4.05 points or 0.20% at 2052.45 levels. The 10-year Treasury yield too, has weakened 8.8 basis points at 1.808%. However, Gold may recover before the New York closing as markets may eventually price-in the uncertainty surrounding the Greek elections on Sunday.
Gold Technical Levels
The immediate resistance is seen at 1300 and 1307.3 levels. On the flip side, a break below 1284.20 and 1280.00 levels.
The metal now trades 0.90% lower at USD 1289/Oz levels after having failed repeatedly near USD 1300 levels since the Asian session. Interestingly, the metal has weakened even though the DJIA declined 40.48 points or 0.23% at 17,773 levels, while the S&P futures are down 4.05 points or 0.20% at 2052.45 levels. The 10-year Treasury yield too, has weakened 8.8 basis points at 1.808%. However, Gold may recover before the New York closing as markets may eventually price-in the uncertainty surrounding the Greek elections on Sunday.
Gold Technical Levels
The immediate resistance is seen at 1300 and 1307.3 levels. On the flip side, a break below 1284.20 and 1280.00 levels.