Gold back above USD 1230

Frankfurt (Oct 24)  Gold prices have gained ahead of the European session, although the upbeat data out of the US and the Europe continue to weigh on the metal.

Gold is trading 0.28% higher today at USD 1232.60/Oz, as the received support from the weakness in the Asian equity markets. The Shanghai composite and the Hang Seng are trading 0.06% and 0.45% lower today. Meanwhile, the Nikkei is up 1.01% tracking the strength in the USD/JPY pair. The European equity futures are trading in the red as well.

Gold Technical levels

Gold has an immediate resistance of 1235, while the support is located around 1227 levels. A breach of the support shall open doors for a re-test of 1223 levels.

Source: FXstreet