Gold flattish around USD 1184, US data eyed

FXStreet (Mumbai) - Gold prices on Comex reversed losses and turned flat as the US dollar loses steam and trades muted awaiting fresh incentives from the key US labor report ahead that may shed more light on when the Fed will raise rates.

Gold consolidates above USD 1180

Currently, gold trades flat at 1183.80 levels, recovering session lows reached at 1180.60. Gold prices remain almost unchanged as traders seem cautious ahead of US open with a set of major US macro data which may provide fresh direction to the yellow metal.

The US dollar index which measures the relative strength of the greenback against a basket of six major currencies trades flat at 98.64 levels.

While holdings of the fund stood unchanged at 737.24 tonnes on Tuesday for the third straight session.

Gold Technical Levels

The metal has an immediate resistance at 1190.50 (5-DMA) and 1192.27 (10-DMA) levels. Meanwhile, support stands at 1180 levels below which doors could open for 1175 (20-DMA) levels.