Gold falls as US Treasury yields rise
London (Feb 18) Gold fell into losses, tracking the recovery in the 10-year Treasury yield in the US ahead of the US Federal Reserve minutes release.
Gold inching closer to USD 1200/Oz
Prices declined from USD 1210.6 to trade near the previous session’s low at USD 1204 levels. The yellow metal is within a touching distance from the USD 1200 mark as markets brace up for the hawkish Federal Reserve minutes due for release later today in the US session. The expectations of a hawkish Fed minutes also helped the 10-year Treasury yield in the US to recover 2.112% to trade at 2.15%.
Gold Technical Levels
The immediate resistance is seen at 1213.82 (100-DMA) and 1219.6 (50% retracement of 1131.9-1307.8) levels. On the flip side, a break below 1198.9 (61.8% retracement of 1131.9-1307.8) could push the pair down to 1186.3 (Dec. 5th low).