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Gold inches closer to USD 1200 ahead of the US GDP data

FXStreet (Mumbai) - Gold prices continued to weaken slowly during the European session today, inching closer to the USD 1200 mark.

Gold is trading 1.85% lower at USD 1201.90/Oz levels, threatening to breach the 1200 mark ahead of the US GDP data release. The prices declined sharply after the Federal Reserve (Fed) policy statement released yesterday titled towards the hawkish side. Moreover, the central bank acknowledged the improvement in the labor market sounding upbeat about the US economy.

The yellow metal is likely to extend its fall if the preliminary US 3 GDP prints higher than the market expectation of 3.0% growth. Moreover, a strong data is likely to reinforce the FeD’s upbeat view on the US economy. On the other hand, a weak print can revive Gold prices.

Gold Technical levels

Gold has an immediate support at 1190, below which prices can fall to 1183 levels. Meanwhile, the resistance is located 1208 and 1217 levels.

Bticoin remains weak

Bitcoin prices erased their gains ahead of the US session after the prices posted their biggest loss in seven days yesterday.
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