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Gold continues to fall

FXStreet (Mumbai) - Gold prices extend their slide ahead of the US session tracking broad based strength in the US Dollar and the strength in the US Equity futures.

Gold is trading 2.46% lower at USD 1139/Oz levels while the US Dollar Index has inched 0.58% higher to 87.67 levels. The S&P futures are trading 0.50% higher at 2015.45 levels. The yellow metal failed to find any support from a slight weakness in the European PMI indices, since the equities in the Europe remained resilient.

The yellow metal may dip further today if equities in the US rise further in anticipation of a more aggressive stimulus measure from the European Central Bank.

Gold Technical Levels

Gold has an immediate resistance at 1144, above which prices can re-test 1161 levels. Meanwhile, immediate support is seen at 1118 levels.

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