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Gold takes a breather

FXStreet (Mumbai) - Gold prices appear to have taken a breather after having gained more than 2% gain since the release of the Federal Reserve (Fed) minutes yesterday. Prices are consolidating around USD 1227/Oz levels and may inch up at the onset of the US session.

The Yellow metal has failed to break above 1227-1230 range couple of times since the late September. Thus, an exhaustion can be expected around the current levels. Meanwhile, the European equities too, have consolidated after posting more than 1% gains in the initial hours of trading.

Gold Technical levels

Gold faces strong resistance around 1230 levels, while the intraday support is located at 1224 levels. The hourly indicators say prices may take out the 1230 resistance levels today.

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