European stocks open weak, Gold looks to revisit daily highs

February 23, 2016

The stock markets across Europe opened on a weak note, helpingВ GoldВ sustain above its hourly 100-MA and attempt a re-test of the daily highs.В Stoxx 50 index dropped 0.80% in early trading. Germany’s DAX and UK’s FTSE dropped 0.7% each. The weakness is largely in line with the drop in the futures seen ahead of the opening bell.В 

Consequently, the bid tone around the safe haven metal is struggling to gather pace, despite trading above the hourly 100-MA. As of writing, Gold traded around USD 1220/Oz levels; up 0.83% on the day.В 

Gold Technical Levels

The immediate resistance is seen at 1223 (daily high), above which the prices could test 1234.53 (Feb 19 high). On the other hand, a breakdown of immediate support at 1212 (23.6% of Dec low-Feb high) would open doors for a slide to 1200 levels.

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