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Gold trades in green

FXStreet (Mumbai) - Gold prices have recovered to trade higher tacking the weakness in the European equity markets. Earlier today, the yellow metal traded under pressure after the Asian equity markets rose tracking the Friday’s recovery on the Wall Street.

Gold is trading 0.25% higher at USD 1242.10/Oz, having recovered from the day’s low of USD 1235. Prices rose as the European equities fell contradicting the rally in the Asian equities. The Dax is trading 1.16% lower at 8743 levels, while the Ftse is trading 0.87% lower at 6255.50 levels.

Gold prices also received support from the dollar index, which is trading at 85.24, down 0.26% from the day’s high of 85.47. Gold prices may extend gains if the US Equity futures decline tracking losses in the equity European markets.

Gold Technical levels

Gold is trading near a resistance level of 1242, above which prices can rise to 1250 levels. Meanwhile, a failure to sustain above 1242 can push the prices back to the day’s low of 1235.

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