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Gold at day’s high

FXStreet (Mumbai) - Gold is trading at a day’s high as markets turned risk averse after the disappointing US retail sales data hit the wires.

Gold is now up 0.23% at USD 1239.10/Oz, having taken out the resistance levels of USD 1230-1232 and USD 1238 levels on its way up. The weak US Retail Sales number drove the equity prices lower across the Eurozone and the US. The Equity futures in the US have lost more than 1%, while the Dax is trading 2.20% lower at 8634.50. Meanwhile, the Ftse has shed 1.68% to trade at 6284.30.

The yellow metal is also gaining support from the slide in the treasury yields and the US Dollar Index. The Dollar Index now trades 0.57% lower at 85.41 levels. Rise in Gold prices is likely to continue as the risk-off sentiment in likely to prevail the market today.

Gold Technical levels

Gold can rally to 1250 levels if the prices manage to sustain above 1238 levels. On the other hand, prices can fall to 1232 levels if the support level of 1238 is breached.

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