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Gold at fresh session lows, down 1%

FXStreet (Mumbai) - Gold prices extended losses to print a session low of USD 1152.60/Oz levels despite losses in the European equities and weak China data released earlier today.

Technical sell-off underway?

The drop appears to have been triggered by a failure to rise above strong offers at 1169 (Aug high) on Monday. The fundamental continue to remain in favour of the metal, since the weak China data triggered a wave of selling in the European stock markets.

Ahead in the day, the yellow metal may find some support from the possible weakness in the US stocks. Fed’s Evans comments could also influence the yellow metal.

Gold Technical Levels

The immediate support is seen at 1147.10 (July 8 low), under which the metal could extend the drop to its 50-DMA at 1141.26. On the other side, a break above 1159.22 (hourly 50-MA) could see the metal re-test the previous session’s high of 1169.

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