1 May 2015
Gold in red below $ 1180
FXStreet (Mumbai) - Gold prices on Comex extends its weakness in the mid-European session, heading towards fresh weekly lows reached yesterday at 1176.10 amid lack of fresh trigger in a data-light European calendar.
Gold awaits fresh incentives
Currently, gold trades -0.18% lower at 1180.320 levels, recovering from fresh session lows at 1178.10. Gold remains subdued with markets expecting no significant moves for the session, as investors in Europe took a rest due to the worker's holiday.
Analysts at ANZ note, "Any 'safe haven' demand for gold appears to be lacking at present, plus demand for physical gold remains weak."
Meanwhile, the dollar index trades dead flat at 94.91, having recovered from fresh session lows reached at 94.60.
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.
Gold awaits fresh incentives
Currently, gold trades -0.18% lower at 1180.320 levels, recovering from fresh session lows at 1178.10. Gold remains subdued with markets expecting no significant moves for the session, as investors in Europe took a rest due to the worker's holiday.
Analysts at ANZ note, "Any 'safe haven' demand for gold appears to be lacking at present, plus demand for physical gold remains weak."
Meanwhile, the dollar index trades dead flat at 94.91, having recovered from fresh session lows reached at 94.60.
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.