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Gold is back in green after rough ride in Europe

FXStreet (Mumbai) - Gold prices had a rough European session despite weak China data and European stocks, but have managed to recover losses to trade in green in the early US session.

Supported by hourly 50-MA

Fresh bids on the metal came-in at the hourly 50-MA then located at USD 1152.24, following which the pair broke above its hourly 100-MA and finally made its way into the positive territory. The metal currently trades around USD 1165/Oz.

Further gains are being capped as the US stocks are showing resilience to weak Chinese data and losses in the European equities.

Gold Technical Levels

The immediate resistance is located at 1169.99 (Aug 24 high0, above which the prices could spike ato 1200 levels. A break higher would expose 1232.27 (May 18 high). On the downside, a break below 1152.24 (hourly 50-MA) would expose 1141.38 (100-DMA) and 1132.90 (Nov 2014 low).

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