Gold wavers in slim range around $ 1180

FXStreet (Mumbai) - Gold prices on Comex wiped previous losses and trades cautious in a flat-lining in the European morning, heading towards third monthly loss after traders unwound their gold longs on the back of monthly closing while better than expected US macro data also added to the sell-off yesterday.

Gold hold above 1180

Currently, gold trades -0.14% lower at fresh session lows at 1180.70 levels, having posted day’s high at 1184.40. Gold fails to regain lost ground and remains in red as the persistent broad based US dollar strength following upbeat jobs, Core PCE Inflation and manufacturing data which weigh on the metal.

The dollar index remains elevated and now trades at 95, having recovered from fresh 2 months lows reached 94.47 in the previous session.

Gold was heavily sold-off nearly $30 in the last North American session as traders reacted to the latest impressive economic data from the US in wake of Wednesday's meeting of the Federal Reserve.

Markets now await US economic releases viz., ISM manufacturing, Final Manufacturing Consumer sentiment data for further USD moves.

Gold Technical Levels

The metal has an immediate resistance at 1188 and 1194 levels. Meanwhile, support stands at 1174.10 below which doors could open for 1168 levels.