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Gold pares gains amid risk aversion

FXStreet (Mumbai) - Gold prices erased part of their gains despite losses in the major European equities and US index futures.

Support at November 2014 low

The metal currently hovers just above the November 2014 low of USD 1132.90/Oz levels. The USD index recovered partially from its daily low of 94.42 and capped gains in the metal around USD 1138/Oz levels. The recovery in the USD appears to have overshadowed the drop in the European and US equities and weighed over the metal.

Heading into the weekend, the action on Wall Street could affect the metal prices.

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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