Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: Gold Vs US 10 year bond yields

  • Gold jumped almost $17 from the yesterday low of $1304.50 and hits fresh three-month high.  The main reason for jump is due to weakness of US dollar. US dollar index is trading weak for the past 12 days and closed below neck line support for two consecutive days. It is currently trading around 91.88. The yellow metal jumped till $1321.50 and is currently trading around $1313.
     
  • US 10 year yield rose almost 3% from low of 2.40% on strong US stock market and  also due to slight jump in European bond yields after positive comment from ECB board member. US yield and gold have negative correlation of 65% for the past one year and 82% for the past four months. So any further jump in yields will drag the yellow metal down till $1287 (10 – day MA).
     
  • On the higher side, gold is facing strong resistance at $1321 and any break above will take the yellow metal till $1331/$1339 (161.8% retracement).
     
  • The near term support is at $1302 (5- day MA) and any violation below will drag the metal to next level till $1295 (7- day MA) /$1287 (100- day MA). Minor weakness below $1270 (200- day MA). Any break below $1270 will drag the gold till $1260/$1243/$1236 (Dec 12th 2017 low).

It is good to sell on rallies around $1315-17 with SL around $1322 for the TP of $1302/$1295.  

 

  • ET PRO
  • Market Data

Market-moving news and views, 24 hours a day >

July 20 19:00 UTC Released

USCattle Placed On Fd

Actual

101 %

Forecast

Previous

July 20 19:00 UTC Released

USCattle On Feed

Actual

104 %

Forecast

Previous

January 31 00:00 UTC 246144246144m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 246144246144m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 22 19:00 UTC 257964257964m

ARTrade Balance

Actual

Forecast

Previous

-1541 %

January 31 00:00 UTC 246144246144m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 22 19:00 UTC 257964257964m

ARTrade Balance

Actual

Forecast

Previous

-1541 %

January 31 00:00 UTC 246144246144m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 246144246144m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 246144246144m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.