Gold fails to extend gains above USD 1200

San Francisco (Dec 18)  The yellow metal dropped below the USD 1200 mark amid mixed data in the US, as rising stock prices curbed the demand for the safe haven metal.

Gold currently trades 0.05% higher at USD 1195.10/Oz levels, after failing to sustain gains above USD 1200 levels. Prices hit a high of USD 1213 before the upbeat US weekly jobless claims report hit the wires. Since then, the metal has steadily declined to trade below USD 1200 levels. Moreover, a weak US services PMI data failed to support Gold prices. The buoyant stock markets also capped gains in the yellow metal. The DJIA currently trades 1.32% higher at 17,589.50 levels.

Gold Technical Levels

Gold has an immediate support located at 1194.75 (50-DMA), under which prices may fall to 1186.40 levels. Meanwhile, resistance is seen at 1200 and 1208 levels.

Source: FXstreet