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Gold recovers losses to trade near USD 1200

FXStreet (Mumbai) - Gold prices recovered the minor losses witnessed during the Asian session today to trade closer to USD 1200 levels.

Gold traded 0.20% higher at USD 1999.90/Oz levels, after having hit a low of USD 1191.90 levels. The metal had hit a high of USD 1204 yesterday before closing at USD 1197.10 levels. Moreover,the dovish outlook by most of the major central bankers coupled with a correction in the US Dollar index helped the yellow metal gain strength.

Meanwhile, the prices are also recovering support from the weakness in the US Treasury yields. The ten-year yield in the US is trading down at 2.313%, while the US Dollar index is more or less unchanged at 87.69 levels.

The yellow metal may extend gains if the European equities and the US index futures declined during the day ahead.

Gold Technical Levels

Gold has an immediate resistance at 1204.10, above which prices may extend gains to 1206 levels. On the other hand, Gold may dip to 1182.70, if the immediate support at 1193.60 is breached.

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