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Gold keeps losses in Europe, near $ 1175

FXStreet (Mumbai) - The bullion remained largely subdued during the European session, as the rebound in the European stocks lifted market sentiment amid broad based US dollar recovery.

Gold hovers above hourly 200-SMA

Currently, gold trades -0.24% lower at 1174.80, recovering from session lows posted at 1173.50 in early European trades. Gold remains offered as the markets favour the US currency in times of rising appetite for riskier assets such as equities.

While the sell-off across the commodity space also added to the bearish pressures in the yellow metal. US oil is down over 1%, copper loses -0.37% and silver drops -1.90%.

Later in the day, gold is likely to take cues from the sentiment on the Wall Street and Fed Powell’s speech ahead of the ECB meeting scheduled tomorrow.

Gold Technical Levels

The metal has an immediate resistance at 1180.70 (Oct 20 High) and 1185.67 (daily R2). Meanwhile, support stands at 1170 (hourly 200-SMA + round number) below which doors could open for 1164.87 (daily S2).

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