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Gold weakens, Gold miners ETF declines

FXStreet (Mumbai) - Gold prices are declining slowly in the European session after being unsuccessful in sustaining gains above the USD 1250 mark.

Gold now trades 0.34% lower at USD 1247.50/Oz, down from the day’s high of USD 1250.20/Oz. Gold prices failed to rise amid the mixed action in the European equity markets. The major European indices like the Dax and the Ftse are trading higher by 0.22% and 0.01%. The prices have also come under pressure due to the strength in the US Dollar Index, which is trading 0.18% higher at 85.60 levels.

Meanwhile, the weakness in the Gold prices has pulled the Market Vectors Gold Miners ETF lower by 0.47% to trade at USD 21.10. Moreover, the ETF has been stuck in a range of 22.00 to 20.40 levels.

Gold Technical levels

Gold prices have an immediate resistance of the day’s high of 1250.20, above which prices can re-test 1255 levels. On the downside, prices have an immediate support of 1245 levels.

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