Gold price hovers near support level

Mumbai-India (Feb 8)  Gold prices gave a gap down opening and are currently struggling near 29,850 levels. On hourly chart, RSI is below 30 levels, indicating weakness in prices. An hourly close below 29,800 will be negative for the prices; it can correct down till 29,700 levels.

 

 Dollar index is currently trading above the support level of $90.30 and the resistance can be seen near $90.50 levels. Close above $90.50 can dampen the mood for gold investor and we can witness further selling in prices of the precious metal.

HFL