Gold struggling to rise even as treasury yields dip

By FXStreet Gold is having a tough time scoring gains even though the treasury yields in US declined following the losses in the Asian equities.

Offered at $1240

Prices turned lower from the NY session high of USD 1240 levels despite weak closing in US stocks. The Asian equities fell on the last trading day of the week, with Nikkei ending the day lower at 1.42%. Oil prices also fell after US data showed record high oil inventory buildup. Consequently, treasury yields fell, with 10-yr yield dropping three basis points.

However, Gold, which is known to have an inverse relation with yields, failed to benefit. Prices currently trade around USD 1222/Oz levels; moderately weaker on the day.

Gold Technical Levels

The immediate resistance is seen at 1240 (NY session high), above which prices could target 1263.37 (Feb 11 high). On the other hand, a breakdown of immediate support at 1212 (23.6% of Dec low-Feb high) could see prices trickle down to 1200 levels.
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Source:: FX Street