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Gold declines below USD 1200

FXStreet (Mumbai) - Gold prices are back below USD 1200 levels during the early US session, tracking the gains in the US equity markets.

Gold traded 0.77% higher at USD 1192.60/Oz at the time of writing. Prices hit a high of USD 1204.10/Oz after the European Central Bank (ECB) mentioned the yellow metal as one of the asset that the bank may consider purchasing under its asset purchase program.

Meanwhile, the US equities have inched higher with the DJIA gaining 0.17% to trade at 17,676.50 levels, while the S&P 500 added 0.29% to trade at 2047.30 levels. Elsewhere, the Dax extended gains to trade 1.5% higher at 9446.30, while the FTSE is up 0.51% at 6705.80.

Gold prices may extend decline if the US Dollar index strengthens along with the equity markets across Europe and US.

Gold Technical Levels

Gold has an immediate support located at 1183.30, under which prices can fall to 1179 levels. Meanwhile, resistance is seen at 1204.10 and 1206.00 levels.

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