GOLD RECOVERS TO $ 1200 AMID HIGHER

[forextips]

Demand for the US treasury yields returned with the US dollar’s following hawkish comments from Fed Chair Yellen, knocking-off gold to the levels unseen since last Friday.

Gold drops sharply from near multi-week tops

Currently, gold drops -1.05% to 1199.30, recovering quickly from fresh five-day lows struck at $ 1197 last minutes. The overnight retreat in gold gained traction in the mid-Asian trades, after the Asian traders boosted bids for the US treasury yields at the expense of the non-interest paying gold, as they continue to digest Fed Chair Yellen’s hawkish remarks.

Our Recommendation:
SELL GOLD 1212 TARGETS 1202 1192 STOPLOSS 1223.