Gold trades comatose despite uptick in other safe haven

Gold trades comatose around $1230 levels, bucking the rising trend seen in other traditional safe havens – treasuries and Japanese Yen

Stuck at hourly 50-MA

Prices attempted gains but failed to take out hourly 50-MA hurdle of $1330, thus trading largely unchanged on the day. Moreover, the flat action in gold contradicts the 0.26% rise in Japanese Yen against the US dollar and a three basis point drop in the 10-yr US treasury yield.

Meanwhile, flat action in the USD index is offering no clues to the safe haven metal. The US housing starts and building permits figure due later in the day could influence the metal. In Europe, monthly UK CPI number could affect gold prices in GBP terms.

Gold Technical Levels

A break above immediate hurdle at $1333 (hourly 200-MA) would expose $1345 (10-DMA). A violation there could yield $1358.41 (June 24 high). On the other hand, a breakdown of support at $1320 (July 14 low) would open doors for a drop to $1315 (June 16 high). A violation there could yield $1300.