24 Aug 2015
Gold stuck below $ 1160, uninspired by China-led risk-off
FXStreet (Mumbai) - The yellow metal appears to have lost its shining status as a safe-haven asset on Monday as weak Chinese economic data and traders fleeing equities across all of Asia and Europe failed to boost the safe-haven bids for gold.
Gold corrects lower from 1164 highs
Currently, gold trades -0.14% lower at 1158.10, keeping the same range since late-Asia. The yellow metal was the worst performers amongst the safety assets as traders resorted to profit-taking after gold prices once again failed to surpass 1165 levels.
Moreover, with the Chinese concerns gaining momentum, the US dollar remained depressed on risk-off sentiment on Monday, while equities are being dumped in favour of the safe-havens such as yen and euro.
Meanwhile, the US dollar index, a virtual gauge of greenback’s strength, trades -0.67% lower at 94.19.
Gold Technical Levels
The metal has an immediate resistance at 1171.50 (July 7 High) and 1180 levels. Meanwhile, support stands at 1152 (Today’s Low) below which doors could open for 1148.50 (July 8 Low) levels.
Gold corrects lower from 1164 highs
Currently, gold trades -0.14% lower at 1158.10, keeping the same range since late-Asia. The yellow metal was the worst performers amongst the safety assets as traders resorted to profit-taking after gold prices once again failed to surpass 1165 levels.
Moreover, with the Chinese concerns gaining momentum, the US dollar remained depressed on risk-off sentiment on Monday, while equities are being dumped in favour of the safe-havens such as yen and euro.
Meanwhile, the US dollar index, a virtual gauge of greenback’s strength, trades -0.67% lower at 94.19.
Gold Technical Levels
The metal has an immediate resistance at 1171.50 (July 7 High) and 1180 levels. Meanwhile, support stands at 1152 (Today’s Low) below which doors could open for 1148.50 (July 8 Low) levels.