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Gold slowly moves higher, Silver gains 1%

FXStreet (Mumbai) - Gold prices are inching higher, albeit at a slow pace, as the major US indices are trading mixed.

Gold is trading 0.61% higher at USD 1246.50/Oz, slowly inching towards the Oct 15 high of USD 1250/Oz. Meanwhile, the US Equity indices are painting a mixed picture, with the DJIA down by 0.5% while the NASDAQ futures and the S&P futures trading higher by 0.42% and 0.05% respectively. The Ten-year treasury yields appear to have stabilized around 2.17%.

In the meantime, Silver has gained almost 1% to trade at USD 17.483/Oz. However, the metal is inching closer to USD 17.60-17.70 levels, where prices have struggled for the entire last week. The precious metals pack would extend its gains if the US Equities extend their losses ahead in the day.

Silver Technical levels

Silver is likely to face stiff resistance around 17.60-17.70 levels. Prices may rise to 18.00 levels and above if the metal manages to sustain above the resistance zone. On the flip side, prices may decline to 17.00 levels if the immediate support of 17.26 is breached.

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