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4 May 2015
Gold keeps range near $1183
FXStreet (Mumbai) - Gold prices on Comex trades around a flat line during the European session posing a solid comeback from the previous session largely on a short-covering rally. While investors now await a host of crucial US economic releases including the NFP figures for further direction in gold prices.
Gold supported at $ 1180
Currently, gold trades 0.70% higher at 1182.70 levels, swinging between $1180-1184 range. Gold snapped previous decline and swung back into gains today as markets view gold to return to 1200 levels just before Friday's US jobs report, which is expected to be the biggest market mover.
However, the gains in the yellow metal remained capped on rising European equities and higher treasury yields which dull gold’s attractiveness as a higher yielding asset.
Moreover, a rebound seen in the US dollar across the board with the DXY climbing 0.30% also keeps a lid on the prices.
Meanwhile, markets will be closely watching US economic data due this week, including 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 1188 and 1194 levels. Meanwhile, support stands at 1180 below which doors could open for 1174 levels.
Gold supported at $ 1180
Currently, gold trades 0.70% higher at 1182.70 levels, swinging between $1180-1184 range. Gold snapped previous decline and swung back into gains today as markets view gold to return to 1200 levels just before Friday's US jobs report, which is expected to be the biggest market mover.
However, the gains in the yellow metal remained capped on rising European equities and higher treasury yields which dull gold’s attractiveness as a higher yielding asset.
Moreover, a rebound seen in the US dollar across the board with the DXY climbing 0.30% also keeps a lid on the prices.
Meanwhile, markets will be closely watching US economic data due this week, including 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 1188 and 1194 levels. Meanwhile, support stands at 1180 below which doors could open for 1174 levels.