Gold steadies at USD 1200/Oz

FXStreet (Mumbai) - Gold prices trade steady at USD 1200/Oz levels, tracking a largely flat USD index and the mixed action in the major Asian equity markets.

Weekly loss on cards?

At the moment, the metal is pointing to a weekly loss, after posting gains for four straight weeks. However, we have US CPI data due for release later today, which could influence the US dollar. Throughout the week the USD sellers have kept the yellow metal supported, helping it recover from the low of USD 1183.7. Another round of USD selling may help recover the metal above its weekly opening price of USD 1207.6. However, a correction in the USD could keep the metal weak. In the meantime, the major European markets and the Eurozone CPI data could influence the metal.

Gold Technical Levels

The immediate resistance is seen at 1209.2, above which gains could be extended to 1213.60 (200-DMA). On the flip side, support is seen at 1191.77 (50-DMA), under which losses could be extended to 1183.2.