Gold recovery stalled in Europe, treasury yields rise

By FXStreet FXStreet (Mumbai) – The corrective bullish move in Gold appears to have stalled around USD 1070/Oz levels in Europe, while the treasury yields ticked higher ahead of the key US data due later today.

Back below hourly 200-MA

The metal clocked a high of USD 1074.73 in Asia before falling back below the hourly 200-MA seen at USD 1071.63/Oz levels. The prices may have been stalled due to the uptick in the Treasury yields in Europe since the USD index has stayed largely unchanged in Europe, while the European stocks are flat.

As of writing, the metal was trading at USD 1070/Oz, while the 10-year treasury yield in the US was up more than one basis points. Later in the day, the metal could be influenced by the US ISM manufacturing data.

Gold Technical Levels

The immediate resistance is located at 1071.63 (hourly 200-MA), above which the gains could be extended to 1074.73 (daily high). On the other side, support is seen at 1067.44 (hourly 100-MA) and 1062.19 (hourly 50-MA).
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Source:: FX Street