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Gold falls below USD 1200

FXStreet (Mumbai) - Gold prices fell below USD 1200 after being unable to sustain gains above the 50-DMA level of 1203.50 during the Asian session.

The yellow metal traded 0.19% lower at USD 1196.10/Oz levels at the time of writing. The metal hit a high of USD 1204.40/Oz earlier today. Moreover, the metal has been flirting with the 50-DMA level since last week, although prices struggled repeatedly to extend the gains. The weakness witnessed till now is more due to the technical factors, since the markets lacked a fresh fundamental trigger.

The major European markets trade on a flat note ahead of the release of the German IFO data. Gold may extend slide if the IFO data paints a rosy picture of the German economy,thereby pushing the stock markets higher in the Eurozone.

Gold Technical Levels

Gold has an immediate resistance at 1203.50, above which prices can extend gains to 1208.20 (Nov. 21 high). Meanwhile, support is seen at 1195.80 and 1186.30 levels.

Stay long USD/CAD – Danske

The Danske Bank Research Team note that the USD/CAD pair will continue to project further strength in the long term and a break above 1.1403 will see the pair moving towards 1.1688 levels.
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