The risk-off in Europe triggered a rise in demand for safety and quality, resulting in a moderate rise in Gold prices. Capped at Tuesday’s high Despite the risk-off, the upside in the metal is being capped around the Tuesday’s high of $1232.60 levels. Prices recovered from the low of $1221, tracking the oil driven slide in Asia and more importantly in Europe. The upside in the metal is also being capped by reports; India’s imports could have hit 2-year low in February. At the time of writing, the metal traded around $1228/Oz levels. Gold Technical Levels The immediate resistance is seen at 1232.60, above which prices could rise to 1240 (Feb 18 high). On the other hand, a break below 1220.23 (hourly 100-MA) would expose 1212 (23.6% of Dec low-Feb high). For more information, read our latest forex news.