FXStreet (Mumbai) – Gold prices dipped to a session low of USD 1069/Oz levels (Tuesday’s low) after a strong headline US durable goods orders and weekly jobless claims number hit the wires.
Losses restricted by weak personal spending
Prices recovered slightly to trade around USD 1070-1071/Oz levels on account of a weaker-than-expected core PCE and personal spending report. Shipments of non-military capital goods excluding aircraft, used to calculate gross domestic product, decreased 0.4%.
Consequently, the knee-jerk reaction in gold ran out of steam. Moreover, the USD index clocked three figures, but the momentum appears to have stalled once again. The next data traders shall watch out for is the monthly US new home sales figure.
Gold Technical Levels
The immediate support is located at 1069 (Tuesday’s low), under which the losses could be extended to 1063.27 (Nov 18 low). On the higher side, resistance is seen at 1076.13 (hourly 100-MA) and 1077.19 (hourly 200-MA).
(Market News Provided by FXstreet)