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Gold rises above USD 1200

FXStreet (Mumbai) - Gold prices rose above USD 1200 for the first time since Oct. 31st, tracking the weakness in the US Dollar and currencies of the other advanced economies.

Gold traded 1.48% higher at USD 1201.00/Oz levels at the time of writing. Moreover, Gold prices have recovered due to the weakness in the US Dollar and other major currencies. Moreover, the yellow metal gained as one major central bank after another turned dovish in the first half of the current month. The aggressive stimulus from the Bank of Japan, followed by the dovish Bank of England’s quarterly inflation report along with the European Central Bank’s readiness to purchase sovereign bonds has weakened their respective currencies, thereby providing support to the Gold prices.

Meanwhile, the US Dollar also weakened, trading down 0.35% at 87.70 levels. The yellow metal may advance further as the US Treasury yields are showing signs of weakness.

Gold Technical Levels

Gold has an immediate support at 1193.60, under which the looses could be extended to 1180.80 levels. On the other hand, Gold may rise to 1215, if the immediate resistance at 1206 is breached.

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