OctaFX | OctaFX Forex Broker
Open trading account

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.

GBP/USD drops on UK Retail Sales data - FXStreet

FXStreet Chief Analyst Valeria Bednarik notes that the disappointing UK Retail Sales numbers put further pressure on the pound on Thursday.
Read more Previous

AUD/USD erases intraday losses

Australian dollar managed to recover from lows and trades nearly flat within its weekly range, with latest string of upbeat Chinese and domestic data having virtually no impact on the currency.
Read more Next
Start livechat