5 Jun 2015
Gold rebounds in Asia
FXStreet (Mumbai) - Gold prices on Comex trades higher in the late Asian session, moving away from fresh monthly lows reached at 1172.40 reached in previous session, after the US dollar regained lost ground backed by better than expected US jobless claims report. Markets now await US NFP data for further direction on gold prices.
Gold trades below $ 1180
Currently, gold trades 0.18% at 1177.30, retreating from 1178 session highs. Gold bounced-back in the Asian largely on the back of short covering rally ahead of US payrolls figures, following the recent weakness after upbeat US jobs data pushed the US dollar higher and added to the speculation of a Sept Fed rate hike.
Meanwhile, the US dollar index, measuring the relative strength of the greenback against a basket of six major currencies, trades 0.13% higher at 95.62, retreats from session highs at 95.80. Markets will now focus on the much awaited US NFP data for further hints on the timing of the Fed rate hike.
Gold Technical Levels
The metal has an immediate resistance at 1180 and 1185 levels. Meanwhile, support stands at 1172 below which doors could open for 1168 levels.
Gold trades below $ 1180
Currently, gold trades 0.18% at 1177.30, retreating from 1178 session highs. Gold bounced-back in the Asian largely on the back of short covering rally ahead of US payrolls figures, following the recent weakness after upbeat US jobs data pushed the US dollar higher and added to the speculation of a Sept Fed rate hike.
Meanwhile, the US dollar index, measuring the relative strength of the greenback against a basket of six major currencies, trades 0.13% higher at 95.62, retreats from session highs at 95.80. Markets will now focus on the much awaited US NFP data for further hints on the timing of the Fed rate hike.
Gold Technical Levels
The metal has an immediate resistance at 1180 and 1185 levels. Meanwhile, support stands at 1172 below which doors could open for 1168 levels.