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Gold trades flat ahead of Fed minutes

FXStreet (Mumbai) - Gold prices appear to be consolidating around USD 1217/Oz as markets take a breather ahead of the US Federal Reserve (Fed) minutes release.

Caution seems to have taken control of the markets whereby traders prefer to stay on the sidelines rather than betting on the tone of the Fed minutes.

Earlier today, Gold prices had hit a high of USD 1220.6/Oz, tracking weakness in the European and the Asian equity markets. Prices gave up some of its gains as the US Equity futures have turned positive. Meanwhile, the ten-year treasury yield too, has also recovered from the day’s low of 2.332, to trade at 2.361.

Gold technical levels

Gold has a support at 1215 and 1213 levels while the resistance is located at today’s high of 1220.6.

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