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Gold stays dead flat ahead of the US data

FXStreet (Mumbai) - Gold is trading flat ahead of the PMI data and the Pending home sales data in the US. Prices have pretty much stayed unchanged throughout the European session.

Gold is down 0.06% for the day at USD 1231/Oz. The yellow metal has ignored the disappointing German IFO data and the resultant weakness in the European equities. The metal may see some movement post the release of the Services PMI number for October in the US, which is expected to come-in at 57.8, compared to the previous month’s print of 58.9. Meanwhile, Pending home sales are expected to come-in at 2.2% year-over-year in for September. A strong data is likely to weaken Gold during the US Session.

Gold Technical levels

Gold is restricted to a narrow range of 1232-1229 throughout the European session. A breakout on either side opens doors for the targets of 1236 or 1226 respectively.

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