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FXStreet (Mumbai) - Gold prices remain stuck around USD 1205/Oz levels, despite of a weaker-than-expected economic data in the US.
Gold: Forms a Doji candle on daily charts
Prices failed to sustain gains at USD 1209 despite jobless claims rising more than expected to 294K, while the housing starts rose at a slower-than-expected pace in March. Still, the prices cooled down to USD 1205 from USD 1209 levels.
Earlier today, the prices recovered from the low of USD 1200 due to concerns of Greek default and falling bond yields across the Eurozone. Consequently, the metal has formed a Doji candle on the daily charts as it trades largely unchanged at its opening price.
Gold Technical Levels
The immediate resistance is seen at 1210.4, above which the metal could test the 200-DMA at 1214.05. On the flip side, a break below 1200.00, under which losses could be extended to 1192.16 (50-DMA).