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Gold recovers to $ 1126, risk-aversion underpins

FXStreet (Mumbai) - Gold prices recover from lows in the mid-European session, as the European stocks remain largely subdued adding to the prevalent negative sentiment and thus offering some respite to the gold bulls.

Gold bounces-off lows near $ 1124

Currently, gold trades -0.50% lower at 1126, extending the recovery from 1123.90 lows struck in last hours. The yellow metal remains pressured amid increased bets for the Fed rate hike this year, as markets ignored the recent global sell-off in equities.

Meanwhile, markets now turn their attention towards a slew of US economic releases due later today, including the consumer confidence and goods trade balance data which influence the USD moves and eventually impact the bullion.

Gold Technical Levels

The metal has an immediate resistance at 1133.40 (Today’s High) and 1138.50 (Sept 21 High) levels. Meanwhile, support stands at 1122.50 (Sept 23 Low) below which doors could open for 1117 levels.

Eurozone: Improvement in economic sentiment registered - ING

Bert Colijn, Research Analyst at ING, notes that even though concerns about the weak global economy are dominating headlines at the moment, European businesses have become more upbeat about the economic situation as the economic sentiment improved in September, from 104.1 to 105.6.
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USD/JPY re-approaches 120 ahead of US data

The USD bulls are seen fighting hard to extend the recovery beyond 120 handle, failing every attempt to regain the last, as traders anticipate a Wall Street rebound after the European stocks appear to stabilize somewhat.
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