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Gold supported at $ 1170, awaits Fed Speaks

FXStreet (Mumbai) - The renewed sell-off in the gold prices lost steam near the hourly S3, with the bullion now retreating slightly from lows to trade around the pivot on hourly sticks.

Gold consolidates to the downside

Currently, gold trades 0.90% lower at 1172.50, recovering from fresh session lows struck at 1170.50 in early trades. Gold remains heavily sold-off this session, tracking losses in oil and copper, as commodity traders continue to weigh the latest series of disappointing Chinese data.

Moreover, the USD bulls jumped back into the bids and spurred a fresh buying wave in the greenback against its major competitors. This also exerted additional downside pressure on the bullion. Meanwhile, the USD index now trades 0.14% higher at 94.90.

In the day ahead, the yellow metal will track the sentiment on the Wall Street for further momentum, in absence of any macro data. While Fed officials’ speeches will be closely eyed for any hint on the Fed interest rate outlook.

Gold Technical Levels

The metal has an immediate resistance at 1176.77 (daily pivot) and 1180.30 (5-DMA). Meanwhile, support stands at 1170/1168.85 (Round number & 10-DMA) below which doors could open for 1161.43 (200-DMA).

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