FXStreet (Mumbai) – Gold prices await fresh cues after having recovered from the Asian session low of USD 1072/Oz to trade in the sideways manner around USD 1110/Oz.
Recovery capped by US rate hike expectations
The recovery in the metal stalled around USD 1115/Oz levels as the market continues to believe the US Fed is on course to raise rates this year in September. Fed’s Bullard was on the wires today stating that September ate hike in the table. Gold has not moved significantly following Bullard’s comments.
With no major economic data due for release out the US today, the yellow metal is expected to track the sentiment on the Wall Street and the movement in the USD index.
Gold Technical Levels
The immediate support is seen at 1100, under which the prices could re-test the daily low at 1071.28. On the other hand, resistance is seen at 1130 (Nov 2014 low), above which the prices could rise to 1150 levels.
(Market News Provided by FXstreet)