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Gold recovers losses

FXStreet (Mumbai) - Gold prices are trading near USD 1230/Oz levels after the metal bounced back from the support level of USD 1225/Oz hit earlier today.

The Yellow metal is gaining strength tracking the weakness in the US Equity futures and the slide in the US Treasury yields. Markets are trading risk averse ahead of the US monthly advance retail sales report due at 18:00 GMT. The S&P futures are trading down by 0.83% at 1858.65, while the Dax and the Ftse are trading lower by 1.39% and 1.37% respectively.

Gold prices may rise further if the US retail sales for September print less than the the market expectation of -0.1%.

Gold Technical levels

The yellow metal is once again trading in a range 1225 to 1232 levels. The prices can rise to 1238 levels in case of an upside breakout from the range. On the contrary, prices can fall to 1217 levels in case the support level of 1225 is taken out.

Poland Consumer Price Index (MoM) increased to 0% in September from previous -0.4%

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