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Gold trades struggles near technical resistance

FXStreet (Mumbai) - Gold prices inched higher to trade above USD 1190 levels, although prices were struggling around the yesterday’s high of USD 1193.60 levels.

The yellow metal traded 0.82% higher at USD 1193.20/Oz levels at the time of writing. The metal high a high of USD 1195.50 before settling around the previous session’s high of USD 1193.60. Gold received a boost from the weakness in the US Ten-year treasury yields, which weakened the US Dollar against major currencies. The US Dollar index currently trades 0.18% lower at 87.85 levels.

Moreover, the metal also received support from the contraction in the US Industrial Production data released yesterday. The gains in the yellow metal may halt today if the official data in the UK highlights slowdown in the price pressures.

Gold Technical Levels

Gold has an immediate support located at 1186.10, under which prices may fall to 1179. Meanwhile, resistance is seen at 1193.60 and 1206 levels.

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