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Gold ready to shoot?

FXStreet (Mumbai) - Gold prices have stabilized around USD 1240/Oz, occasionally dipping to USD 1238 levels. The metal prices have not responded to the rise in the European equities, while completely ignoring the rise in the US treasury yields.

Ahead of the New York’s opening, Gold is trading just 0.10% lower for the day. Currently there are fewer fundamental or technical reasons to support the fall in the gold prices. Technically, the metal is slowly making higher lows, while fundamentally the demand from India is likely to pick up over the weekend as the Diwali festival in India is just a week away.

Plus there are not first tier data releases out of the US today. Hence Gold prices are likely to remain around USD 1240 levels. The US Equity futures are trading 1% higher, although, the metal yellow is not reacting to strong equities.

Gold Technical levels

Watch out for the breakout in gold prices from a narrow range of USD 1238 to USD 1242.

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