Gold suffers moderate losses
New York (Mar 2) Gold prices are down with marginal losses after the gauge of manufacturing activity in the US beat the market expectation.
Gold weakens as Treasury yields rise
The ISM manufacturing PMI rose to 55.1 in February from 53.9 in the previous month. The actual figure beats the estimate of 53.00. The strong data pushed the Treasury yields higher. The 10-year yield now trades 4 basis points higher at 2.042%. Consequently, Gold prices hit a low of USD 1209.9, before recovering slightly to USD 1211.30/Oz levels.
Gold Technical Levels
The immediate resistance is seen at at 1219.5, above which prices could re-test the daily high of 1223.1. On the flip side, support is seen at 1209.53 (hourly 100-MA), under which losses could be extended to 1207.68 (hourly 200-MA).
Source: FXstreet
