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Gold trades lackluster

FXStreet (Mumbai) - Gold is trading without any clear direction thought the European session today, despite of the sharp fall in the European equity indices.

Gold is trading 0.11% lower at USD 1224/Oz, largely unchanged, even though the Dax is down by 2%, while the Ftse is down by 1.13%. The US Equity futures too, are pointing to a sharp sell-off later in the day.

The yellow metal, so far, has failed to react to the weakness in the US ten-year treasury yields. The only factor supporting the lackluster trading in Gold is the strength in the US Dollar Index. USD index currently trades 0.35% higher at 85.97.

We are likely to see a breakout from the day long range in Gold prices during the US session, If the US equities extend their slide.

Gold Technical levels

The latest hourly candle again shows a failure to sustain above 1225 levels. Prices can rally to 1230-1232 levels if the resistance of 1225 is taken out. On the downside, 1221 and 1217 should act as the support levels. The hourly indicators are still in favor of an upside breakout in Gold prices.

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