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Gold extends losses as the US Dollar recovers

FXStreet (Mumbai) - Gold prices have weakened by more than 1% post the release of Federal Reserve minutes due to rebound in the US Dollar.

The yellow metal is down by 1.19% at USD 1182.90/Oz levels, after facing rejection at USD 1195 post Fed minutes. Moreover, the metal had gained strength tracking a sharp fall in the US Dollar against major currencies immediately after the minutes were released. However, the greenback has made a comeback since overall, the minutes sounded optimistic about the US economy except for the threat of falling inflation expectations.

The recovery in the US Dollar along with the treasury yields pushed gold prices lower by almost USD 10 post minutes.

Gold Technical Levels

Gold has an immediate resistance at 1197.80 on the hourly chart, above which prices can re-test 1201.70 levels. On the flip side, the metal may extend losses to 1174.90, if the immediate support located at 1182.60 is breached.

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