Gold stays below $1200 in Europe, risk-on weighs

February 16, 2016

Gold prices recovered off lows, but stay below USD 1200 mark in Europe as the major European equity futures point to risk-on action after opening bell. 

Focus on equities

The safe haven metal remains focused on equities in the absence of first tier economic data releases out of China and US. Prices recovered from lows after Japan’s Nikkei index trimmed gains heading into the closing. 

However, the recovery in gold ran out of steam at USD 1200 mark. Moreover, the Euro Stoxx 50 futures pointed to a positive open, which capped demand for the yellow metal. As ofnow, the metal is trading around USD 1195/Oz levels. 

Gold Technical Levels

The immediate hurdle is seen at USD 1200, above which prices could test 1211.93 (23.6% of Dec low – Feb high). On the other hand, a break below 1190.60 (daily low) would open doors for a drop to 1180.12 (38.2% of Dec low – Feb high).

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