7 May 2015
Gold extends losses below $1190
FXStreet (Mumbai) - Gold prices on Comex extends losses from the previous session and remains in red during the Asian session, as tumbling Asian stocks on Yellen’s comments did little to support the yellow metal.
Gold supported at $1185
Currently, gold trades -0.28% lower at 1187 levels, retreating from fresh session lows reached at 1185.90. Gold keeps losses, erasing downbeat US ADP backed-gains as higher US treasury yields offset the effects of a weaker US dollar following weak jobs data.
Moreover, muted US dollar across the board also failed to provide impetus to the gold prices as traders now await US weekly jobless claims figures for further cues on USD moves.
Meanwhile, markets early await the nonfarm payrolls report for April due on Friday. Soft data could prompt the Fed to delay a rate rise and boost non-interest-paying gold.
Gold Technical Levels
The metal has an immediate resistance at 1190 and 1195 levels. Meanwhile, support stands at 1182 below which doors could open for 1178 levels.
Gold supported at $1185
Currently, gold trades -0.28% lower at 1187 levels, retreating from fresh session lows reached at 1185.90. Gold keeps losses, erasing downbeat US ADP backed-gains as higher US treasury yields offset the effects of a weaker US dollar following weak jobs data.
Moreover, muted US dollar across the board also failed to provide impetus to the gold prices as traders now await US weekly jobless claims figures for further cues on USD moves.
Meanwhile, markets early await the nonfarm payrolls report for April due on Friday. Soft data could prompt the Fed to delay a rate rise and boost non-interest-paying gold.
Gold Technical Levels
The metal has an immediate resistance at 1190 and 1195 levels. Meanwhile, support stands at 1182 below which doors could open for 1178 levels.