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Gold trades lackluster

FXStreet (Mumbai) - Gold prices traded lackluster maintaining the narrow range witnessed since the last week.

The yellow metal traded 0.16% higher at USD 1199.70/Oz levels at the time of writing. The metal has been stuck in a range of USD 1190-1204 for almost a week now. The losses have been capped by expectations of more aggressive stimulus measures in the Eurozone, while the strong US dollar made sure the prices struggled near the 50-DMA located at USD 1203.00 levels.

The metal hardly weakened after the upbeat US Q3 GDP estimate hit the wires yesterday. Moreover, looses were capped by the fall in the US treasury yields at the long-end of the market curve. Meanwhile, the strength in the Asian and the European equities is capping gains in the Gold prices today.

Gold Technical Levels

Gold has an immediate resistance located at 1203 (50-DMA), above which gains may be extended to 1210 levels. On the other hand, a failure to rise sustain above 1195 levels, can push the pair down to 1186 levels.

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