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13 May 2015
Gold cautious ahead of China data
FXStreet (Mumbai) - Gold prices on Comex trades muted in the late Asian session, holding above $ 1190 as traders turned cautious ahead of China data flow which will signal economic conditions in the world’s second largest consumer of the yellow metal.
Gold supported above $ 1190
Currently, gold trades flat at 1192.50, having posted day’s high at 1193.80 and day’s low at 1190.60. Gold trades in flat-lining in Asia awaiting fresh incentives from the China data while broad based US dollar weakness keeps gold buoyed.
Moreover, mixed Asian equities also failed to boost the gold’s attractiveness as an alternative asset. Meanwhile, holdings in the SPDR Gold Trust, the world's biggest gold-backed exchange-traded fund, remained at 728.32 tonnes on Monday, matching the lowest level since January 15 first hit on Friday.
Later today, we have a busy European session with European GDP and inflation figures, fresh forecasts from the Bank of England, as well as US retail sales on cards.
Gold Technical Levels
The metal has an immediate resistance at 1196 and 1200 levels. Meanwhile, support stands at 1188 below which doors could open for 1185 levels.
Gold supported above $ 1190
Currently, gold trades flat at 1192.50, having posted day’s high at 1193.80 and day’s low at 1190.60. Gold trades in flat-lining in Asia awaiting fresh incentives from the China data while broad based US dollar weakness keeps gold buoyed.
Moreover, mixed Asian equities also failed to boost the gold’s attractiveness as an alternative asset. Meanwhile, holdings in the SPDR Gold Trust, the world's biggest gold-backed exchange-traded fund, remained at 728.32 tonnes on Monday, matching the lowest level since January 15 first hit on Friday.
Later today, we have a busy European session with European GDP and inflation figures, fresh forecasts from the Bank of England, as well as US retail sales on cards.
Gold Technical Levels
The metal has an immediate resistance at 1196 and 1200 levels. Meanwhile, support stands at 1188 below which doors could open for 1185 levels.