Gold stuck at 5-DMA as treasury yields rise

Gold prices are having a tough time extending gains above 5-DMA level of $1324/Oz as treasury yields advanced.

Eyes US data

Metal traders await US data release, which is expected to show consumption as represented by retail sales release rose 0.2% in August as compared to July figure of 0.0%.

The focus would also be on the weekly US jobless claims number and Bank of England (BOE) rate decision.

As of now the gains are being capped by the rise in the treasury yields. At the time of writing, the 10-yr treasury yield in the US was up almost two basis points at 1.703%.

Gold Technical Levels

Acceptance above hourly 100-MA level of $1327 would open doors for $1332 (hourly 200-MA). On the lower side, breach of Asian session low of $1321 would expose support at $1313 (previous day’s low).