18 Feb 2015
Gold recovers slightly after weak US housing data
FXStreet (Mumbai) - Gold prices erased part of its losses after the weaker-than-expected housing data in the US pushed the Treasury yields lower.
Safe havens rise on US housing data
Gold prices recovered slightly along with a fall in the US Treasury yields after the data in the US showed housing starts fell 2.0%, beating the estimate of 1.7% fall, while building permits fell 0.7% against expectation of a 0.9% rise. Gold prices recovered from the low of USD 1204.3 to trade at USD 1208 levels. Meanwhile, the 10-year Treasury yield fell from the high of 2.164% to trade at 2.122%.
Gold Technical Levels
The metal currently trades at USD 1207.6, down 0.08% for the day. 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).
Safe havens rise on US housing data
Gold prices recovered slightly along with a fall in the US Treasury yields after the data in the US showed housing starts fell 2.0%, beating the estimate of 1.7% fall, while building permits fell 0.7% against expectation of a 0.9% rise. Gold prices recovered from the low of USD 1204.3 to trade at USD 1208 levels. Meanwhile, the 10-year Treasury yield fell from the high of 2.164% to trade at 2.122%.
Gold Technical Levels
The metal currently trades at USD 1207.6, down 0.08% for the day. 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).