Gold prices are on the rise again, trading 0.70% higher on the day around $1230/Oz levels on account of the risk aversion in the Asian equities.
Eyes European stock market action
The metal remains at the mercy of the equity market sentiment in Europe. Stock markets in Asia retreated after a weekend meeting of G20 policymakers ended with no new coordinated action to spur global growth.
However, the upside is being capped around the hourly 100-MA at $1230/Oz as an upbeat US data released over the last week has increased odds of a Fed rate hike this year.
Gold Technical Levels
The immediate resistance is seen at 1243.14 (Feb 25 high), above which the gains could be extended to 1253.32 (Feb 24 high). On the other hand, a breakdown of 1212 (23.6% of Dec low-Feb high) could see the prices test 1200 levels.
(Market News Provided by FXstreet)