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Gold erases gains, but relatively resilient

FXStreet (Mumbai) - Gold prices erased gains after a strong US data, but stays relatively resilient compared to the losses in the major currencies against the US dollar.

Trades around USD 1180/Oz

Prices hover largely unchanged on the day around USD 1180/Oz levels. The metal has remained resilient to rise in the short duration treasury yields, which are more interest rate sensitive. The upbeat inflation and weekly jobless claims pushed up the treasury yields and triggered a technical correction in the USD index.

Ahead in the day, the action on the Wall Street could affect the metal. So far, the good news is being treated as good news – US stock futures are up more than 0.5%. In case, the markets turn risk averse, the metal could revisit its daily high at USD 1191.40/Oz.

Gold Technical Levels

The immediate resistance is seen at 1189.83 (previous day’s high), followed by a hurdle at 1200. A break above the same could open doors for a rally to 1232.41 (May 18 high). On the other side, a break below 1174.50 (daily low) could push the prices lower to 1170.13 (Aug 24 high).

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