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Trading news
24 Apr 2015
Gold back in red circa $1192, US data awaited
FXStreet (Mumbai) - Gold prices on Comex snapped its recovery and fell back into losses as the gold bulls preferred to remain on side lines ahead of key US data – durable goods orders due later in the NA session.
Gold holds above $1190
Currently, gold trades -0.12% lower at 1192.90 levels, having posted day’s lows at 1190.20. Gold prices recovered losses in early European trades and rose to fresh session highs at 1195.30. However, the gold prices pared the short-lived recovery amid higher European stocks which dulled gold’s appeal as a higher yielding asset.
The US dollar index which measures the relative strength of the greenback against a basket of six major currencies retreated from session lows at 96.94 and now trades at 97.02 levels, down -0.42% on the day.
Meanwhile, traders now eye US durable goods and core durable goods orders data due later in the day for further direction on the dollar moves and hence on the precious metal.
Gold Technical Levels
The metal has an immediate resistance at 1198 and 1202 levels. Meanwhile, support stands at 1183.50 levels below which doors could open for 1180 levels.
Gold holds above $1190
Currently, gold trades -0.12% lower at 1192.90 levels, having posted day’s lows at 1190.20. Gold prices recovered losses in early European trades and rose to fresh session highs at 1195.30. However, the gold prices pared the short-lived recovery amid higher European stocks which dulled gold’s appeal as a higher yielding asset.
The US dollar index which measures the relative strength of the greenback against a basket of six major currencies retreated from session lows at 96.94 and now trades at 97.02 levels, down -0.42% on the day.
Meanwhile, traders now eye US durable goods and core durable goods orders data due later in the day for further direction on the dollar moves and hence on the precious metal.
Gold Technical Levels
The metal has an immediate resistance at 1198 and 1202 levels. Meanwhile, support stands at 1183.50 levels below which doors could open for 1180 levels.