8 May 2015
Gold extends gains near $1185
FXStreet (Mumbai) - Gold prices on Comex wiped out losses and edged higher during the European session as traders unwind their gold shorts after the recent weakness following a rebound in the greenback yesterday.
Gold deflates from $1188
Currently, gold trades 0.21% higher at 1185.20 levels, having posted day’s high at 1187.90 and day’s low at 1181. Gold recovered this session after the US dollar took a breather in its rally and trimmed gains across the board.
Moreover, lower treasury yields on both the shorter and longer duration T-notes continues to boost yellow metal’s appeal as a higher yielding asset.
Meanwhile, markets remain cautious ahead of the nonfarm payrolls report for April due later today. Soft data could prompt the Fed to delay a rate hike and boost non-interest-paying gold.
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 deflates from $1188
Currently, gold trades 0.21% higher at 1185.20 levels, having posted day’s high at 1187.90 and day’s low at 1181. Gold recovered this session after the US dollar took a breather in its rally and trimmed gains across the board.
Moreover, lower treasury yields on both the shorter and longer duration T-notes continues to boost yellow metal’s appeal as a higher yielding asset.
Meanwhile, markets remain cautious ahead of the nonfarm payrolls report for April due later today. Soft data could prompt the Fed to delay a rate hike and boost non-interest-paying gold.
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.