FXStreet (Mumbai) – Gold prices erased minuscule gains witnessed in the Asian session to trade largely unchanged on the day at USD 1188-1189/Oz levels.
Gold awaits US Q1 GDP
The investors now await the US Q1 GDP figure, which would provide an insight into whether or not the US economy is strong enough to withstand a rate hike in 2015. The second estimate of the US Q1 GDP is expected to show a downward revision to -0.9% from the preliminary estimate of 0.2%.
In the meantime, the movement in the USD index and sentiment in the major European equity markets could continue to influence the 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)