Gold prices are trading around their hourly 100-MA 1216 as investors wait to see if European stocks follow oil and Asian equities lower. Focus on oil The demand for the safe haven metal is likely to be determined by the oil price gyrations and the action in the equity markets. The sentiment turned soured in Asia on account of a more than 1.5% drop in oil benchmarks. Consequently, the metal rose to a high of USD 1223 before trimming gains to trade around USD 1216 levels. The bid tone around the metal may gather pace again if the risk-off mood strengthens in Europe. Gold Technical Levels The immediate resistance is seen at 1223 (daily high), above which the prices could test 1234.53 (Feb 19 high). On the other hand, a breakdown of immediate support at 1212 (23.6% of Dec low-Feb high) would open doors for a slide to 1200 levels. For more information, read our latest forex news.