Back around hourly 50-MA
The metal has recovered to trade around hourly 50-MA located at 1206 levels. The USD index surrendered gains and that seems to have supported the yellow metal. Prices managed to take back part of their losses despite the 2% gain in Euro Stoxx 50 index.
Ahead in the day, the US housing data and producer price index could influence the metal. The inverse relationship between the treasury yields and gold may strengthen as we move closer to Fed minutes releas e.
Gold Technical Levels
The immediate hurdle is seen at 1212 (23.6% of Dec low-Feb high), above which the prices could test 1224.23 (Apr 6 high). On the other hand, a breakdown of immediate support at 1200 could send prices back to 1191.57 (Oct 15 high).