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Gold drops as USD stays resilient

FXStreet (Mumbai) - Gold prices ran out of steam and fell to a fresh session low of USD 1160.75/Oz as the US dollar remained resilient despite dismal US durable goods report.

Rejected at hourly 100-MA

The metal failed to sustain above the hourly 100-MA as the USD index quickly recovered from the early wobble witnessed after weak domestic data. The USD index currently hovers largely unchanged around 96.85 levels.

Gold prices may find support from the weak US equity index futures. The US consumer confidence and Markit PMI figures could influence the metal.

Gold Technical Levels

At USD 1161.88/Oz, the immediate resistance is seen at the hourly 100-MA located at 1166.43, above which gains could be extended to 1171.61 (hourly 200-MA). On the other side, support is seen at 1150.00, followed by a major support at 1140.18 (100-DMA).

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