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Gold hovers around USD 1200

FXStreet (Mumbai) - Gold continues to hover around the USD 1200 mark as markets await the US third quarter preliminary GDP reading.

The yellow metal trades 0.09% higher at USD 1197.80/Oz levels, compared to the previous session’s close of USD 1196.30. Prices remain well supported as the risk assets continued to struggle during the Asian session. Among stock indices, the Shanghai Composite is up 1.2%, while the Nikkei is up 0.30%. However, other markets are not doing so well. The ASX fell 0.50%, while the Hang Seng declined 0.16%. The Indian equities are down by almost 0.5%.

Gold is likely to see sharp moves later today when the second estimate of US Q3 GDP will be released. The consensus estimate calls for a slowdown in growth to 3.3% from 3.5%.

Gold Technical Levels

Gold has an immediate resistance at 1200, above which the metal faces another stiff resistance of the 200-DMA located at 1203.50. Meanwhile, support is seen at 1192.90 and 1186.70 levels.

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