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10 Dec 2014
Gold erases losses during the US session
FXStreet (Mumbai) - Gold prices have recovered losses during the US session as the US stocks extended the slide, while the US dollar index weakened further.
Gold now trades largely unchanged for the day at USD 1232.40/Oz levels. Prices were hovering near USD 1226/Oz levels ahead of the US session as the stability in the European markets had decreased the safe haven appeal of the yellow metal. However, with the weakness in the US equities, the European stocks too, have fallen into the red.
Meanwhile, the metal is trading 0.48% lower in EUR terms at EUR 990.22/Oz levels. Moreover, the soft treasury yields in the US have pushed the single currency higher by 0.40% against the greenback.
Gold Technical Levels
Gold has an immediate support at 1225.70 on the hourly charts, under which losses could be extended to 1209.20. Meanwhile resistance is seen at 1238.90 and 1250.00 levels.
Gold now trades largely unchanged for the day at USD 1232.40/Oz levels. Prices were hovering near USD 1226/Oz levels ahead of the US session as the stability in the European markets had decreased the safe haven appeal of the yellow metal. However, with the weakness in the US equities, the European stocks too, have fallen into the red.
Meanwhile, the metal is trading 0.48% lower in EUR terms at EUR 990.22/Oz levels. Moreover, the soft treasury yields in the US have pushed the single currency higher by 0.40% against the greenback.
Gold Technical Levels
Gold has an immediate support at 1225.70 on the hourly charts, under which losses could be extended to 1209.20. Meanwhile resistance is seen at 1238.90 and 1250.00 levels.