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Gold steady near USD 1240

FXStreet (Mumbai) - Gold prices have slipped further during the European session, although the metal has stabilized around USD 1240/Oz levels at the time of writing.

Gold is now down 0.46% for the day to trade at USD 1240/Oz. The metal was trading around USD 1242/Oz levels ahead of the European session. However, the prices slid as the European equity markets inched higher on strong German manufacturing data. Moreover, a rebound in German manufacturing activity highlighted by the preliminary HSBC PMI index has calmed fears about a slowdown in the Eurozone's largest economy.

Moreover, the yellow metal has declined sharply in the EUR terms post release of the PMI data. Gold trades at 0.32% lower at EUR 978.26/Oz levels, down from a high of EUR 985.15/Oz.

Gold Technical levels

Gold has declined below 1242 levels, opening doors for a re-test of 1235. Meanwhile, prices may rise once again to 1245 levels if the metal manages to trade above 1240.

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