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Gold edges higher

FXStreet (Mumbai) - Gold prices have gained today tracking the weakness in the Asian equity markets. The European equity futures are also pointing to a weak opening today.

Gold is trading 0.81% higher at USD 1231.60/Oz, after having hit a high of USD 1238/Oz. Meanwhile, most of the Asian equity markets are trading in the red expect the Hang Seng, which is up 0.27%. The US Dollar Index is trading marginally up at 85.79. Gold prices are also supported by the SU ten-year treasury yields, which have slumped to 2.28, well below their August lows.

Gold prices are likely to re-test 1238-1240 levels during the European session as the risk aversion is likely to dominate the market sentiment.

Gold Technical levels

Gold is trading near a resistance level of USD 1232, breach of which can open doors for 1238-1240 levels. On the flip side, prices can fall to 1225 levels if the metal fails to sustain above 1232 levels.

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