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Gold drops along with stocks

FXStreet (Mumbai) - Gold prices suffered losses in the early US session on Tuesday even though the stock markets in Europe and the US declined.

Gold relatively resilient

The metal is relatively resilient compared to other precious metals like Silver; which shed 2.7%. Other metals like Copper suffered 3.5% losses. Still, the 0.9% drop in gold comes on a day when the stock markets in Europe suffered more than 3% losses. The DJIA also opened 200 points lower.

Compared to other traditional safe haven, the metal is the weakest at the moment. The 10-yr treasury yield is down almost six basis points, while the Yen advanced 0.5% against the USD.

Moreover, the hawkish talk from the Fed policymakers has brought October rate hike back on the table. Consequently, the USD index rose above 96.00 levels and weighed over gold prices.

Gold Technical Levels

At USD 1121.80/Oz levels, the immediate resistance is seen at 1130.80 (Monday’s low), above which the prices could rise to 1150.00. On the other side, support is seen at 1113.55 (50-DMA) and 1100 levels.

AUD/USD breaks below 0.7100

The Australian dollar has continued to edge lower versus the greenback weighed by the risk-off mood amid persistent worries over the global growth outlook.
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