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Gold extends gains, risk aversion on the rise

FXStreet (Mumbai) - Gold took out the resistance of the November 2014 low at USD 1132.90/Oz levels to a fresh session high of USD 1138.20/Oz after the risk aversion became more prominent through European stock markets.

USD offered across the board

The greenback is being offered across the board lending support to the precious metals and base metals. Gold prices also spiked due to the risk aversion seen in the European markets. The pan-European Euro Stoxx 600 index dropped 1%, triggering a fresh wave of buying in the yellow metal.

Ahead in the day, the sentiment on the Wall Street could affect the demand for the yellow metal. At the time of writing, the S&P 500 futures are pointing to a flat opening later today.

Gold Technical Levels

At USD 1136/Oz levels, the immediate resistance is seen at 1150.00, above which the prices could rise to 1169 (Aug 24 high). On the other side, support is seen at 1113.55 (50-DMA) and 1100 levels.

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