Gold turns positive

New York (Mar 31)  Gold prices recovered losses to trade marginally positive at USD 1186.20/Oz levels, tracking losses in the US dollar against major currencies.

Safe havens gain

Gold, along with other safe haven assets like the Japanese Yen and the US Treasuries, inched higher as the major European equity markets turned risk averse. Meanwhile, the US dollar index weakened from the session high of 99.01 to trade at 98.76.

The metal could extend the gains further in case the US equities turn risk averse in line with their European peers. The S&P futures trading lower by 0.43% indicates the risk averse could be carried over to the US.

Gold Technical Levels

The immediate resistance is seen at 1192.20 (10-DMA), above which gains could be extended to 1202.15 (50-DMA). On the flip side, support is seen at 1182.1 and 1178.5 levels.

Source: FXstreet