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Gold keeps falling on stronger USD

FXStreet (Mumbai) - Gold prices on the Comex extend the corrective mode and dives deeper in the red on the back of the uncertainty over the Fed rate hike timing and a stronger greenback.

Gold off session lows

Currently, gold trades 0.95% lower at 1176.20, having posted fresh session lows at 1175.30. Gold witnessed fresh sell-off in the European morning after the solid start seen on the European stocks, which further boosted the prevailing risk-sentiment and dragged gold prices further in the red.

The bullion also retreats as the recent upbeat US CPI and jobs data eased worries over the US economic prospects and thus revived hopes of a 2015 Fed rate-hike, thus bolstering the USD at the expense of gold. Meanwhile, the USD index now trades 0.22% higher at 94.67.

Meanwhile, the US consumer sentiment and industrial production figures are expected to remain the main highlight in the session ahead.

Gold Technical Levels

The metal has an immediate resistance at 1190/1191.40 (round number & Oct 15 High) and 1200 (round figure). Meanwhile, support stands at 1171.94/1170.54 (Hourly 100-SMA & daily S3) below which doors could open for 1167.30 (Oct 14 Low).

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