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Gold stuck in a range

FXStreet (Mumbai) - Gold is stuck in a narrow range for the last couple of hours as the rise in price due to the losses in the European equities has been curbed by the recovery in the US Dollar index.

Gold is currently stuck in a range of USD 1217/Oz to USD 1223/Oz. The range bound activity is surprising since the major European equity markets have declined significantly, while the US ten-year treasury yield has fallen back to 2.3 levels. The Dax is trading 2.16% lower at 8811.5, while the Ftse is trading 1.37% lower at 6343.80. Consequently, the S&P futures and the NASDAQ futures are trading lower 0.60% and 1.07% respectively.

The consolidation in Gold may not last long enough as the metal shall eventually move higher if the equity markets continue to slump.

Gold Technical levels

Gold can rally to 1230 levels if the prices break above the resistance level of 1223. On the other hand, prices can fall to 1210 levels if the metal fails to hold the support level of 1217.

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