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Gold consolidates

FXStreet (Mumbai) - Gold prices have remained range bound for the last couple hours in the absence of the fresh macro economic triggers. The US bond markets are closed for the day on account of the Columbus day.

Gold prices have consolidated in a narrow range of USD 1225/Oz to USD 1230/Oz during much of the European session. No action is seen ahead of the US open as well. The yellow metal is up 0.6o% today and trades at USD 1228/Oz.

The European equity markets posted modest gains today with the Dax up 0.57%, while the Ftse has added 0.44%.the S&P futures have gained 0.33% to trade at 1900.45. Consequently, Gold prices have not been able to sustain above 1232 levels.

The range bound activity should continue as no major data is due for release out of the US today. The absence of cues from the US Treasuries also restricts Gold to a narrow range.

Gold Technical levels

Gold has an immediate resistance of 1230, above which prices can test 1238 levels. On the flip side, prices can fall to 1222-1220 levels if the yellow metal falls below the support level of 1225.

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