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Gold inches lower despite weakness in Equities

FXStreet (Mumbai) - Gold prices have inched lower in last one hour despite the losses in the European equity markets. Gold now trades 0.36% lower at USD 1220/Oz.

The European Equities are trading lower with the Dax and the Ftse down by 1.54% and 1.22% respectively. Meanwhile, the ten-year bond yield in the US has steadied around 2.32-2.33 levels. The yellow metal is also being pressurized by the US Dollar index, which has gained from the yesterday’s low of 82.02, to trade 0.16% higher today at 85.80.

Gold Technical levels

Gold saw another failed attempt to break above the 1230 resistance level yesterday. The yellow metal has an immediate support of 1217.8 (last hour’s low), while the immediate resistance is located at 1224.00.

Greece Industrial Production (YoY): -5.7% (August) vs previous -2.1%

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