5 Nov 2014
Gold Trades below USD 1150/Oz
Gold fell below USD 1150/Oz levels today for the first time since April 2010, despite China services PMI hitting a three-month low in October.
Gold is trading 1.58% lower at USD 1149/Oz levels, after having failed repeatedly to sustain gains above USD 1170 levels since the beginning of this week. Moreover, a rebound in the US Dollar index added to the bearish pressure on Gold today. The Dollar index is up 0.20% at 87.35 levels, while the US ten-year treasury yields are trading largely unchanged at 2.341%.
Meanwhile, if reports are to be believed re-launch of Gold deposit scheme in India could cut imports by 250-tonnes a year. Such a scheme if implemented, would further hurt Gold prices.
Gold Technical levels
Gold has an immediate support at 1144, under which prices can fall to 1188 levels. On the other hand, a strong resistance is seen at 1170 and 1183.5 levels.
Gold is trading 1.58% lower at USD 1149/Oz levels, after having failed repeatedly to sustain gains above USD 1170 levels since the beginning of this week. Moreover, a rebound in the US Dollar index added to the bearish pressure on Gold today. The Dollar index is up 0.20% at 87.35 levels, while the US ten-year treasury yields are trading largely unchanged at 2.341%.
Meanwhile, if reports are to be believed re-launch of Gold deposit scheme in India could cut imports by 250-tonnes a year. Such a scheme if implemented, would further hurt Gold prices.
Gold Technical levels
Gold has an immediate support at 1144, under which prices can fall to 1188 levels. On the other hand, a strong resistance is seen at 1170 and 1183.5 levels.