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    Gold comatose near 27-month high

    Gold prices are trading in the sideways manner around $1368/Oz levels after having clocked a 27-month high of $1375 on Wednesday.Weak treasury yields cap lossesThe 10-yr treasury yield is down more than two basis points, while the 30-yr and 2-yr yields are down 2.6 and one basis point respectively. The weakness in the treasury yields is capping the losses in the yellow metal.Furthermore, the Asian stocks markets are trading on a weak footing and that may be helping gold maintain the bid tone. However, the bullish momentum appears to have run out of steam following a five-day winning streak.The Fed minutes release turned out to be a non-event for the markets. Hence, the metal remains the mercy of the overall market sentiment ahead of Friday’s non-farm payrolls release.Gold Technical LevelsThe immediate resistance is seen at $1375 (previous day’s high), above which prices could target $1378-1380 (38.2% of 2011 high – 2015 low). A break higher could yield $1400. On the lower side, $1358 (Jun 24 high) is a strong support under which prices could test $1337 (10-DMA). A violation there could yield $1315 (June 16 high). 


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