Gold slips in European trading session after struggling to hold the $1195 mark which was a good support on account risk-on trades coming back as U.S Dow Jones closed above 20,000 for the first time yesterday. Rally in stocks across the globe dampened the demand of the yellow metal pushing its price lower, a weak dollar was of no help either.
Technically gold broke the support of $1195 which was followed by incremental selling pushing the prices to a low of $1191. This move opens up further downside towards the key support zone of $1182-$1184 where the metal is expected to take a breather from the selling pressure. This support zone must hold but if it fails then its all over for the bulls and the metal can go down towards recent lows of $1136 levels and maybe even lower.
Gold was in a range bound trade from past few sessions where the $1195-$1198 acted as a support/buying zone for the yellow metal.