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Gold gains on IMF forecasts

FXStreet (Mumbai) - Gold is trading up 0.19% at USD 1209/Oz, after the disappointing global growth forecast for 2014 by the International Monetary Fund (IMF) hit the wires.

The yellow metal hit a high of USD 1213.70 tracking weakness in the US equities. Prices are now well above the earlier resistance level of USD 1207/Oz and appear poised to test USD 1215/Oz. Moreover, the IMF has urged central bankers and governments to undertake more stimulus measures to counter the economic slowdown. Such central bank balance sheet expansion is usually considered positive for the gold prices.

Gold shall also receive support from the decline in the benchmark bond yields across the globe.

Gold technical levels

Gold has a strong resistance of 1215 while the support is located at 1207 and 1200. The hourly indicators are now pointing to further upside, although the daily trend stays bearish.

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