27 Apr 2015
Gold supported at $ 1180
FXStreet (Mumbai) - Gold prices on Comex defends gains and continues to trade in a slim range during the European session, as demand for the yellow metal increased given the recent tepid US macro data while lower global equities also keeps gold prices underpinned.
Gold: capped by 1182.50
Currently, gold trades 0.57% higher at 1181.60 levels, with the metal facing stiff resistance around 1182.50 levels. Gold prices advanced this session amid hopes that recent weak US data will delay the interest rate hike in the US ahead of the next Federal Open Market Committee meeting.
Also, a short-covering rally after gold prices tumbled to fresh monthly lows on Friday, following US stocks at record highs, continues to push gold higher.
More so, hedge funds and money managers added to their bullish bets in gold futures and options during the week ended April 21, US Commodity Futures Trading Commission data showed on Friday, which supports the case for increased investors confidence in the yellow metal.
However, the upside remains capped as the greenback edged higher across the board with DXY trading at 97.30, up 0.24% on the day.
Gold Technical Levels
The metal has an immediate resistance at 1188 and 1192 levels. Meanwhile, support stands at 1180 levels below which doors could open for 1174 levels.
Gold: capped by 1182.50
Currently, gold trades 0.57% higher at 1181.60 levels, with the metal facing stiff resistance around 1182.50 levels. Gold prices advanced this session amid hopes that recent weak US data will delay the interest rate hike in the US ahead of the next Federal Open Market Committee meeting.
Also, a short-covering rally after gold prices tumbled to fresh monthly lows on Friday, following US stocks at record highs, continues to push gold higher.
More so, hedge funds and money managers added to their bullish bets in gold futures and options during the week ended April 21, US Commodity Futures Trading Commission data showed on Friday, which supports the case for increased investors confidence in the yellow metal.
However, the upside remains capped as the greenback edged higher across the board with DXY trading at 97.30, up 0.24% on the day.
Gold Technical Levels
The metal has an immediate resistance at 1188 and 1192 levels. Meanwhile, support stands at 1180 levels below which doors could open for 1174 levels.