Gold prices dropped on the back of a risk-on in the European equities and strong US dollar. Prices neared 10-DMA located at $1247.24 levels in Europe. Rejected at hourly 50-MA Prices failed to take out hourly 50-MA stationed at $1265 levels earlier today before the risk driven sell-off began. The metal is now eyeing the hourly 200-MA located at $1248.46 levels. The European equities rallied on hopes of big ECB bazooka tomorrow. Consequently, haven demand dropped. Furthermore, drop in the EUR pushed the USD index higher by about 0.20%, which further weighed over metal. The metal currently trades around $1253/Oz levels. Gold Technical levels The immediate hurdle is seen at $1265 (hourly 50-MA), above which prices could target $1279.84 (Mar 4 high). On the other hand, a break below $1248.46 (hourly 200-MA) would open doors for a slide to $1219.89 (Feb 29 low). For more information, read our latest forex news.