Gold extends fall

FXStreet (Mumbai) - Gold prices fell tracking a rise in the US Equities as the investors brace-up for the results of the Federal Open Market Committee (FOMC) rate decision due at 18:00 GMT.

Gold is trading 0.37% lower for the day at USD 1224.80/Oz after having hit a low of USD 1221 post the US opening bell. The prices can under pressure as US Equities inched higher while the US Ten-year treasury yields rose to the day’s high of 2.3%.

Moreover, the two-year treasury yield, a barometer of short-term interest rate expectations, has also inched higher, thereby pressurizing the Gold prices.

Gold Technical levels

Gold has an immediate support at the daily low of 1221, under which the prices can fall to 1217 levels. On the flip side, prices may re-test 1230 levels if the metal manages to breach the intraday resistance located at 1225 levels.