12 May 2015
Gold flattish around $1182
FXStreet (Mumbai) - Gold prices on Comex trades around a flat line in the late Asian session, wavering within a $2 range as traders remain on the side line amid lack of fresh triggers boosting the safe-haven bids for gold.
Gold trades lack lustre
Currently, gold trades flat at 1182.80, having posted day’s high at 1184 and day’s low at 1182.30. Gold remains muted in Asia despite weaker US Dollar and lower Asian equities as a data-dry economic calendar today provide little support to boost the gold bulls.
Meanwhile, worries Greece might not be able to repay a loan to the International Monetary Fund due late on Monday briefly boosted demand for the traditional safe haven in earlier trading, as did a Chinese rate cut over the weekend.
The release of the Federal Reserve's broad gauge of labor market conditions did little to alter price action on Monday, even though the greenback trimmed some earlier gains as the indicator remained near three-year lows.
Later in the week, Wednesday will be the busiest day in terms of potential market-moving macro data. Chinese industrial production numbers, European GDP and inflation figures, fresh forecasts from the Bank of England, as well as US retail sales are all due on Wednesday.
Gold Technical Levels
The metal has an immediate resistance at 1188 and 1195 levels. Meanwhile, support stands at 1180 below which doors could open for 1178 levels.
Gold trades lack lustre
Currently, gold trades flat at 1182.80, having posted day’s high at 1184 and day’s low at 1182.30. Gold remains muted in Asia despite weaker US Dollar and lower Asian equities as a data-dry economic calendar today provide little support to boost the gold bulls.
Meanwhile, worries Greece might not be able to repay a loan to the International Monetary Fund due late on Monday briefly boosted demand for the traditional safe haven in earlier trading, as did a Chinese rate cut over the weekend.
The release of the Federal Reserve's broad gauge of labor market conditions did little to alter price action on Monday, even though the greenback trimmed some earlier gains as the indicator remained near three-year lows.
Later in the week, Wednesday will be the busiest day in terms of potential market-moving macro data. Chinese industrial production numbers, European GDP and inflation figures, fresh forecasts from the Bank of England, as well as US retail sales are all due on Wednesday.
Gold Technical Levels
The metal has an immediate resistance at 1188 and 1195 levels. Meanwhile, support stands at 1180 below which doors could open for 1178 levels.