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Gold erases gains

FXStreet (Mumbai) - Gold prices have erased their early morning gains tracking strength in the European equity markets.

Gold now trades at USD 1228/Oz, up 0.58% for the day as prices declined from a high of USD 1238/Oz hit earlier today. Moreover, prices have yet again failed to sustain above the resistance level of USD 1232/Oz.

The European equities have recovered their losses to trade in green. The Dax is trading 0.37% higher at 8822 while the Ftse is trading flat after having recovered from a weak opening. Gold prices should find some support from the fact that the US Dollar Index has erased its gains to trade largely unchanged at 85.68 levels.

Gold Technical levels

Gold has an immediate resistance of 1232, above which prices can rally to 1238-1240 levels. Meanwhile, failure to sustain above 1232 has already opened doors for a decline to 1225 levels.

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