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Gold prices are trading higher today during the European session, although broader gains are likely to be capped by US Dollar strength.

FXStreet (Mumbai) - Gold prices are trading higher today during the European session, although broader gains are likely to be capped by US Dollar strength.

Gold traded 0.39% higher at USD 1195.60/Oz levels at the time of writing. The yellow metal has been flirting with USD 1200 levels since last three sessions. However, prices have not been above to sustain gains above the USD 1200 mark. Moreover, the US Dollar remains strong on a string of mixed economic data in the US. The US Dollar index currently trades largely unchanged at 87.68 levels.

Meanwhile, the European equities are trading strong, with the Dax and the Ftse up by 0.55% and 0.34% respectively. The S&P futures in the US are trading 0.235 higher at 2056.55. The strength in the equity markets may cap gains in the yellow metal.

Gold Technical Levels

The metal has a strong resistance at 1204, above which gains could be extended to 1210 levels. On the flip side, a break below 1190, may push the metal down to 1175 levels.

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