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Gold surrenders gains despite weakness in USD index

FXStreet (Mumbai) - Gold prices erased gains slow and steady throughout the European session to trade largely unchanged on the day despite the weakness in the USD index.

Drops below hourly 50-MA

Prices fell below the hourly 50-MA at USD 1071.87 ahead of the weekly US jobless claims data. The USD index stays more than 0.20% lower around 99.45 levels, despite which the metal failed to maintain gains.

The metal clocked a high of USD 1078.10 on broad based USD selling in Asia, before the gains in the Asian and European stocks began weighing on the metal.

Gold Technical Levels

A failure to rise above 1071.87 (hourly 50-MA) could send the prices lower to 1063.27 (previous day’s low). On the other hand, a rise above 1071.87 would open doors for a re-test the daily high of 1078.10.

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