Gold steadies near USD 1240 ahead of US session
Topic: Gold steadies near USD 1240 ahead of US session
FXStreet (Mumbai) - Gold prices hover near USD 1240/OZ levels, unable to extend gains on signs of stabilization in the equity markets across Europe and US.
The metal clocked a high of USD 1243.6/Oz during the European session, falling just short of the 200-DMA located at USD 1244.90. The strength in the European equities made sure the yellow metal remained restricted around USD 1240 levels. Meanwhile, the US 10-yr yields also stabilized around 2.87%, which further weighed over gold prices. The metal may ease further during the US session since the Wall Street is likely to see a positive session today as indicated by the S&P futures, which traded 0.44% at the time of writing.
Gold Technical Levels
The immediate resistance is seen at 1244.92 (200-DMA), above which gains could be extended to 1255.1 (Oct. 21st high). Meanwhile, support is seen at 1238.3 (Dec. 9 high) and 1221 levels.