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21 Mar 2016
Gold drops below hourly 100-MA
Gold prices failed to sustain above 10-DMA and fell below hourly 100-MA level of 1247.84 levels despite drop in the US treasury yields.
Drops to $1240
Prices printed a session low of $1240/Oz in early Europe and now continue to trade around $1242 levels. The bearish move contradicts a three basis points drop seen in the 2-year treasury yield. The 10-yr treasury yield also dropped almost three basis points.
Still, the metal edged lower after it failed to remain above 10-DMA level of $1252.50. Ahead in the day, the metal remains at the mercy of the overall market sentiment.
Gold Technical Levels
The immediate hurdle is noted at $1263 (monthly 100-MA), above which metal could test offers around $1283 (Mar 11 high). On the other hand, a break below $1236.93 (Mar 10 low) would expose $1227 (23.6% of Dec low-Mar high).
Drops to $1240
Prices printed a session low of $1240/Oz in early Europe and now continue to trade around $1242 levels. The bearish move contradicts a three basis points drop seen in the 2-year treasury yield. The 10-yr treasury yield also dropped almost three basis points.
Still, the metal edged lower after it failed to remain above 10-DMA level of $1252.50. Ahead in the day, the metal remains at the mercy of the overall market sentiment.
Gold Technical Levels
The immediate hurdle is noted at $1263 (monthly 100-MA), above which metal could test offers around $1283 (Mar 11 high). On the other hand, a break below $1236.93 (Mar 10 low) would expose $1227 (23.6% of Dec low-Mar high).