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Gold trades slightly weak

FXStreet (Mumbai) - Gold prices are trading slightly weak today after having rose to a five-week high yesterday.

Gold is trading 0.24% lower at USD 1248.70/Oz, down from the yesterday’s high of USD 1255.70/Oz. Moreover, the prices declined after the release of the better-than-expected housing data in the US yesterday. Meanwhile, the strength in the Asian equities today also helped curb the rise in Gold. The ASX and the Hang Seng are trading more than 1% each, while the Nikkei has gained 2.64% today. Elsewhere, the European equity futures are trading mixed.

Despite, the strength in the Asian equities, gold remains well supported on the festive demand from India.

Gold Technical levels

Gold has an immediate resistance of 1255.70, above which prices can rise to 1263 levels. On the flip side, Gold can decline to 1242 levels if the immediate support of 1245 is breached.

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