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Gold weakens

FXStreet (Mumbai) - Gold prices have declined slightly from a day’s high of USD 1245, although prices remain well supported on growth concerns.

Gold is trading 0.44% lower at USD 1239.10/Oz, tracking minor gains in the US Treasury yields. The Asian equity markets are trading mixed with the Asx up 0.18%, while the Nifty down 0.11%. The Chinese markets are trading 0.64% lower while the Nikkei is down 2.22% today. Moreover, the losses in the Japanese equity markets are driven by a sharp decline in the USD/JPY exchange rate.

The yellow metal had clocked a 4-week high of USD 1250/Oz yesterday, after the US Ten-year Treasury yields slumped below 2%. The Gold prices may extend losses today as the European equity futures are pointing to a strong opening.

Gold Technical levels

Gold has an immediate resistance of 1245, above which prices can re-test yesterday’s high of 1250 levels. On the flip side, Gold can decline to 1233 levels if the immediate support of 1238 is taken out.

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