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Gold declines marginally

FXStreet (Mumbai) - Gold prices are trading marginally lower today tracking the modest recovery in the Asian equity markets. The European equity futures too are pointing to a positive day of trade ahead.

Gold is trading 0.13% lower at USD 1239.80/Oz, marginally down from a day’s high of USD 1242.10/Oz. Meanwhile, the Asx has gained 0.32%, while the Hang Seng has gained 0.37% today. The Shanghai composite and the Nikkei have lost 1% each. In Europe, the Dax futures and the Ftse futures are trading 0.35% and 0.75% higher respectively.

The gains in the yellow metal are also capped by the ten-year treasury yields in the US which trade above 2.1%. Gold prices may decline further if the European equity markets manage to capitalize on the positive start indicated by the futures.

Gold Technical levels

Gold has an immediate resistance of 1242, above which prices can rise to 1245 levels. On the flip side, prices may fall to 1235 levels if the support level of 1238 is breached.

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