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Gold edges lower while the DJIA recovers

FXStreet (Mumbai) - Gold has edged slightly lower tracking the recovery in the US and the European equity markets.

Gold is trading at USD 1228.40/Oz, down from the USD 1230/Oz levels seen at the beginning of the US session. The DJIA has recovered from the initial weakness to trade largely unchanged for the day. Meanwhile, the Dax has recovered from the losses of more than 1.5% to trade 0.80% lower. On similar lines, the Ftse has recovered to trade 0.30% lower.

Moreover, the stock prices across the Europe and the US recovered after reports came-in that the European Central Bank (ECB) settled 1.704 billion euros ($2.2 billion) of covered-bond purchases last week.

Gold Technical levels

Gold has an immediate resistance at 1232, above which prices can rise to 1235 levels. On the flip side, failure to sustain above the immediate support of 1227 shall push the prices down to 1223 levels.

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