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Gold sees lackluster trading

FXStreet (Mumbai) - Gold has traded flat since the beginning of the European session today as the support from the weak European equities is being countered by a strong US Dollar.

Gold is trading largely unchanged at USD 1168.70 levels. The prices dipped to a low of USD 1164 at the onset of the European session, although losses were recovered due to the weakness in the European equity markets. The Dax currently trades 0.20% lower at 9232.80, while the Ftse is down 0.30% at 6468. Moreover, the negative action in the European equities has pushed the S&P futures lower by 0.25%.

Gold may rise since the US Dollar Index is showing signs of weakness. Meanwhile, a further slump in the Equity markets too would help Gold gain strength.

Gold Technical Levels

Gold has an immediate resistance at 1173.50, above which it can rise to 1183.50 levels. On the flip side, prices may fall to 1158 levels, if the immediate support at 1161 is breached.

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