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Gold recovers from a one-week low

FXStreet (Mumbai) - Gold prices hit a one-week low today after holding in the largest Gold exchange-traded product fell to a more than six-year low. However, prices recovered losses ahead of the European session.

Gold traded 0.31% lower at USD 1194.10/Oz levels at the time of writing. Prices had declined to a low of USD 1185.40 earlier today as Holdings in the SPDR Gold Trust fell yesterday for the first time to 718.82 metric tons, the least since September 2008. However, prices recovered on expectations of more aggressive monetary stimulus in the Eurozone.

Furthermore, the Swiss gold referendum on November 30 is likely to support prices. A “yes” vote would require the central bank to hold at least 20 percent of its assets in gold. Gold prices are likely to stay largely unchanged as U.S. markets are closed today for Thanksgiving.

Gold Technical Levels

Gold has an immediate resistance at 1203 and 1208.20. Meanwhile, a break below the daily low of 1185.40, shall open doors for a re-test of 1175 levels.

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