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FXStreet (Mumbai) - Gold prices advanced 0.20% on Tuesday amid mixed action in the Asian equities and an uptick in the major European equity futures.
Rebounds 50-DMA
Prices recovered from the low of USD 1191.56/Oz seen on Monday, which is the 50-DMA. Prices have seen moderate gains in the Asian session today to a high of USD 1196.8/Oz, tracking slight weakness in the US Treasury yields.
However, broader gains have been capped by the USD index, which trades 0.28% higher to 98.43 levels. Given the absence of a major market moving data today, the metal could track the movement in the USD index and major European equity markets.
Gold Technical Levels
The immediate resistance is located at 1200.00, above which gains could be extended to the resistance zone of 1208-1210. On the flip side, a break below 1191.56 (50-DMA), under which losses could be extended to 1183.7 (Apr. 14 low).