FXStreet (Mumbai) - Gold prices continue to hover around post-NFP low of USD 1085/Oz as markets eye comments from the Fed officials for more clues regarding the December rate hike.
Gains capped by treasury yields
The prices attempted to a minor rally, which ran out of steam around USD 1088 as the treasury yields ticked higher in anticipation of hawkish comments from the Fed officials. The 10-yr treasury yield currently trades more than one basis points higher. The 2-yr yield, which is more policy sensitive, also trades more than one basis points higher.
Consequently, Gold fell back to trade around USD 1085/Oz levels. Ahead in the day, the major trigger is the Fed speak. The weekly jobless claims may not have much impact unless the number is shockingly strong/weak.
Gold Technical Levels
The immediate resistance is seen at 1089.00 (hourly 50-MA), above which the prices could test 1100. On the other side, support is seen at 1084.20 (Wednesday’s low), under which the losses could be extended to 1070 (July lows).
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