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Gold manages to hold above USD 1200

FXStreet (Mumbai) - Gold sustained above the psychological level of USD 1200, despite a better-than-expected GDP data and a drop in the four week jobless claims.

Gold is trading 1.84% lower at USD 1202.30/Oz levels. The prices have managed to hold above the USD 1200 mark during the last few hours, occasionally rising to USD 1205 levels. The US Q3 GDP printed at 3.5%, easily beating the market expectation of 3.00% growth, despite which the losses in gold were restricted due to the fall in the US treasury yields. The Ten-year treasury yields fell to 2.28% from the day’s high of 2.33%.

Meanwhile, a decline in the US dollar index has also helped the yellow metal avoid a further fall in the prices.

Gold Technical levels

Gold has an immediate psychological support of 1200, under which the prices can fall to 1190 levels. On the flip side, a breach of immediate resistance located at 1207 shall open doors for a re-test of 1212 levels.

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