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Gold sees little action after US data

FXStreet (Mumbai) - Gold remains largely unaffected by the batch of a mixed US economic data release as related markets provide mixed signals to the metal traders.

USD index up, stock trade mixed

The USD index advanced 0.40%, consequently, the gains in the metal are being capped. Meanwhile, the downside is being protected by a rise in the weekly jobless claims and moderate weakness in the European stock markets.

Ahead in the day, the action in the US stock markets may influence the metal. At the moment, the metal is trading around USD 1073/Oz levels. Prices have been stuck in the narrow range of USD 1075-1071 since the European session.

Gold Technical Levels

At USD 1073.50/Oz, the immediate resistance is located at 1075.61 (hourly 100-MA), above which the prices could rise to 1085.47 (Dec 9 high). On the other hand, a break below 1072.32 (daily low) would open doors for a re-test of 1068.63 (hourly 200-MA).

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