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Gold awaits US data

FXStreet (Mumbai) - Gold prices recovered slightly from the session lows, but stay weak heading into the US Q2 GDP report.

Weekly gain or loss?

The battle between metal bulls and bears could get intense heading into the weekend as the metal is trading slightly higher that the previous week’s closing of USD 1138.28/Oz levels. Consequently, the bears have little reason to lose hope, especially if the US Q2 GDP provides a downside surprise.

Apart from the US data, the sentiment on the Wall Street could also influence the metal. The metal currently trades around USD 1143.15/Oz levels.

Gold Technical Levels

The immediate resistance is located at 1150.00 (100-DMA), above which the prices could re-test the previous session’s high at 1156.70. On the other side, support is seen at 1141.73 (Sep 18 high), under which the losses could be extended to 1136.23 (5-DMA).

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