Interest rates retreated this week, with 10-year Treasury yields falling below support at 1.60 percent.
Falling interest rates reduce downward pressure on gold. Spot Gold steadied above support at $1300/ounce. Momentum above zero continues to indicate a primary up-trend. Respect of support at $1300 would confirm. Breach of support is unlikely but would signal trend weakness and a test of primary support at $1200/ounce.
* Target calculation: 1300 + ( 1300 – 1050 ) = 1550