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4 Jun 2015
Gold in red near $ 1184
FXStreet (Mumbai) - Gold prices on Comex trades moderately lower and extends its overnight side trend in the mid-Asian session. The yellow metal remains pressured on higher Asian equities and mildly stronger US dollar.
Gold trades above $ 1180
Currently, gold trades -0.10% at 1183.50, retreating from 1186.30 session highs. Gold remains pressured following a firmer inflation outlook in Europe combined with solid US labor numbers which diminishes the allure of gold as an alternative higher yielding asset.
Meanwhile, the US dollar index, measuring the relative strength of the greenback against a basket of six major currencies, trades 0.06% higher at 95.40, holding above the 95.20 support.
Markets will now focus on a fresh set of US macro releases including weekly jobless claims and revised nonfarm productivity q/q for further USD moves.
Gold Technical Levels
The metal has an immediate resistance at 1190 and 1195 levels. Meanwhile, support stands at 1180 below which doors could open for 1178 levels.
Gold trades above $ 1180
Currently, gold trades -0.10% at 1183.50, retreating from 1186.30 session highs. Gold remains pressured following a firmer inflation outlook in Europe combined with solid US labor numbers which diminishes the allure of gold as an alternative higher yielding asset.
Meanwhile, the US dollar index, measuring the relative strength of the greenback against a basket of six major currencies, trades 0.06% higher at 95.40, holding above the 95.20 support.
Markets will now focus on a fresh set of US macro releases including weekly jobless claims and revised nonfarm productivity q/q for further USD moves.
Gold Technical Levels
The metal has an immediate resistance at 1190 and 1195 levels. Meanwhile, support stands at 1180 below which doors could open for 1178 levels.