Gold price stays comatose, treasury yields rise
London (Nov 9) Gold prices trade comatose in the range of USD 1091-1095, while the long duration treasury yields ticked up ahead of the US session.
No NFP hangover for markets
Barring the weakness in the JPY, all other major currencies, including Gold witnessed technical correction in Asia and through Europe. We did not see the usual continuation of the post-NFP moves – strong USD.
Meanwhile, the long duration treasury yields ticked up. The 10-yr yield gained more than one basis points. Meanwhile, the 2-yr yield, which mimics rate hike bets, cooled slightly from the 5-1/2 yr high hit on Friday.
Gold Technical Levels
At 1094, the immediate resistance is seen at 1100, above which the prices could test 1109.43 (hourly 100-MA). On the other side, support is seen at 1089.18 (daily low) and 1085.44 (daily low), under which the losses could be extended to 1070 (July lows).