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Gold erases gains, falls below USD 1250

FXStreet (Mumbai) - Gold prices have declined below USD 1250 after hitting a high of USD 1254.10/Oz during the European session.

Gold is now trading 0.36% up for the day at USD 1249.20/Oz, as prices declined from the day’s high tracking the gains in the major European equity markets. The strength in the European equities has pushed the US Equity futures into the green. The Dax now trades 0.87% up for the day, while the FTSE is up by 0.79%. Meanwhile, the S& P futures and the NASDAQ futures are trading higher by 0.35% and 0.62% respectively.

Gold prices may decline further if the Existing home sales number in the US manages to beat the market expectation.

Gold Technical levels

Gold has an immediate support around 1242 levels while the immediate resistance is located at 1254 levels. Prices may rally to 1263 levels if the immediate resistance of 1254 is breached.

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