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Gold on recovery mode as stocks erase gains

FXStreet (Mumbai) - Gold prices are recovering losses in early US session as the equity markets across Europe erased gains tracking the drop in the commodity prices.

Gold tests 100-MA on hourly chart

The prices recovered from the European session low of USD 1170.50/Oz levels, to trade around its hourly 100-MA located at USD 1176.29/Oz levels. The European stocks rallied after a weak start, however, gains have been erased now on account of sustained weakness in the commodity prices. The US index futures also pointing to a weak session ahead.

Consequently, the yellow metal recovered on account of haven demand. Meanwhile, the USD index is trading dead flat around 94.80 levels and offers no clues to gold traders.

Gold Technical Levels

The immediate resistance is seen at 1178.69 (hourly 50-MA), followed by a hurdle at 1184.55 (Friday’s high). A break above the same would open doors for a re-test of 1191.57 (latest cyclical high). On the other side, a failure to sustain above 1176.20 (200-DMA) would open doors for a sell-off to 1170 (daily low).

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