Gold prices erased gains on signs that the US equity markets may begin the day on a positive note, although losses are being capped by the ongoing Greek debt issue. Gold prices once again dipped below the 50-week average located at USD 1266 levels. The yellow metal has repeatedly dipped and rose back above the same since the beginning of the current week. The latest decline from USD 1270 levels may have been triggered by the positive action in the major US index futures. The DJIA march futures and S&P futures are up more than 0.5%. The yellow metal may take cues from the data in the US due for releases today, which is likely to show initial jobless claims in the week ended Jan. 31 rose to 290K from the previous week’s 265K. The metal currently trades at USD 1264.80/Oz.The immediate resistance is located at 1271 (5-DMA) and 1275.77 (10-DMA) levels. Meanwhile, support is seen at 1260.00 and 1255.2 levels.