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Gold dips along with European stocks

FXStreet (Mumbai) - Gold prices suffered moderate weakness in Europe even though the stock markets across Europe suffered losses and the USD remained largely unchanged.

Rejected at 10-DMA

The metal ran into offers at the high of 1074 (10-DMA), following which it fell to a session low of USD 1066.60/Oz in Europe. Moreover, the losses in the European equities faield to cheer the metal and so did the stagnant USD index at 99.85 levels.

Ahead in the day, the metal could continue to track the movement in the USD index as the data calendar in the US is empty.

Gold Technical Levels

The immediate resistance is located at 1074 (10-DMA), above which the prices could rise to 1074.31 (hourly 200-MA). On the downside, a break below 1066.00 (Nov 23 low) would open doors for a re-test of 1063.80 (Nov 18 low).

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