The base metal benefits from massive dollar's sell-off. Spot Nearing 1,356.99, Jan 26th high and the immediate resistance.
Persistent dollar's sell-off sent gold prices to their highest for this month, with spot reaching $1,355.42 a troy ounce, almost $40.00 above the low set post-US inflation data release at 1,317.37. The latest dollar's decline came as US Treasury yields reached new multi-year highs, with the 10-year note benchmark at 2.91%, and as Wall Street extends its previous gains. The DJIA is up 160 points and the Nasdaq 105 points at the time of writing.
Gold holds above the 1,350.00 threshold with 1,356.99, the high posted on Jan 26th being the first resistance ahead of 1,366.00 the multi-month high set last January. Supports are at 1,345.20, followed by 1,335.35, the 23.6% retracement of the December/January rally.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.