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3 Aug 2015
Gold in flat-lining near $ 1094
FXStreet (Mumbai) - Gold prices on Comex stalled recovery towards 1100 levels and treads water heading into a busy week ahead with key US releases to set further direction for the yellow metal.
Gold struggles for 1100 levels
Currently, gold trades flat at 1094.50, consolidating in a flat-lining following Friday’s rally. Gold halted its two-day rebound and trades around a flat line below 1100 levels as markets await fresh incentives from an avalanche of significant US data lined up for release in the week ahead.
The market has been unable to sustain a rally above the 1,100 marker in spite of the recent weakness in the greenback induced by a bigger than expected miss on the labour data released on Friday.
The US dollar index, a virtual gauge of greenback’s strength, now trades 0.07% higher at 97.40. A stronger greenback makes dollar-priced in gold more expensive to holders on other currencies and vice-versa.
Moreover, a worse than expected China manufacturing PMI reading also keeps the gold undermined. China is the world’s second largest consumer of the metal.
Meanwhile, traders now look forward to today’s manufacturing PMI reports from the US for further momentum on the USD moves.
Gold Technical Levels
The metal has an immediate resistance at 1100 and 1105 levels. Meanwhile, support stands at 1190 below which doors could open for 1186 levels.
Gold struggles for 1100 levels
Currently, gold trades flat at 1094.50, consolidating in a flat-lining following Friday’s rally. Gold halted its two-day rebound and trades around a flat line below 1100 levels as markets await fresh incentives from an avalanche of significant US data lined up for release in the week ahead.
The market has been unable to sustain a rally above the 1,100 marker in spite of the recent weakness in the greenback induced by a bigger than expected miss on the labour data released on Friday.
The US dollar index, a virtual gauge of greenback’s strength, now trades 0.07% higher at 97.40. A stronger greenback makes dollar-priced in gold more expensive to holders on other currencies and vice-versa.
Moreover, a worse than expected China manufacturing PMI reading also keeps the gold undermined. China is the world’s second largest consumer of the metal.
Meanwhile, traders now look forward to today’s manufacturing PMI reports from the US for further momentum on the USD moves.
Gold Technical Levels
The metal has an immediate resistance at 1100 and 1105 levels. Meanwhile, support stands at 1190 below which doors could open for 1186 levels.