FXStreet (Mumbai) – Gold prices saw little reaction after the release of the US Q1 GDP report, which showed a slower-than-expected contraction in the economy.
Gains capped at USD 1193.4/Oz
In a snap reaction to the weaker US Q1 GDP, the metal rose to a high of USD 1193.4/Oz. However, gains were quickly erased as the US dollar remained well supported on a slower than expected fall in GDP. The USD index now trades at 97.06; down 0.06% on the day. Consequently, the metal remains more or less unchanged around USD 1189/Oz levels.
Ahead in the day, the metal may take cues from the Chicago PMI and final US Michigan Confidence index for May. The sentiment on the Wall street could influence the safe haven metal.
Gold Technical Levels
The immediate resistance is seen at 1192, above which gains could be extended to 1195 levels. On the flip side, a break below 1185 could drive the metal lower to 1179.9.
(Market News Provided by FXstreet)