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Gold consolidates around daily low, Stoxx 600 rallies

FXStreet (Mumbai) - Gold prices continue to trade around the daily lows around USD 1170/Oz levels, while the pan-European Euro Stoxx 600 index rallied 0.38%.

Trades below 200-DMA

Prices failed to sustain above the 200-DMA located at USD 1176.19/Oz levels earlier today. The metal failed to take back losses despite across the board losses in the USD in early European session. Moreover, the risk-on in the European stock markets kept the metal under pressure.

At the moment, the metal is trading around USD 1173/Oz; slightly above the daily low at USD 1170.50/Oz levels. Ahead in the day, the focus is likely to be on the overall market sentiment and the action in the USD index.

Gold Technical Levels

The immediate resistance is located at 1176.23 (hourly 100-MA), followed by a hurdle at 1176.19 (200-DMA) and 1179.58 (hourly 50-MA). On the other side, support is seen at 1170.50 (daily low), under which the prices could drop to 1163.99 (hourly 200-MA).

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