FXStreet (Mumbai) – Gold prices on Comex came under renewed pressure during the European trading hours and fell to fresh session lows after the greenback erased losses and turned positive across the board ahead of a batch of influential US economic data.
Gold awaits US data
Currently, gold trades -0.15% lower at 1142.20, testing fresh four-month lows reached at 1140.80 on Wednesday. The yellow metal remains undermined amid heightening Fed rate-hike speculations as markets respond to the recent Fed Chair’s testimony. Fed Chair Janet Yellen repeated during her testimony on Wednesday the intention to increase interest rates later this year.
Meanwhile, gold faced further pressure from the stronger greenback as the US dollar index turned into the positive territory to 97.80. On Thursday, buck benefited from a favourable labour market update, as the initial jobless claims stood for a nineteenth week below the threshold of 300,000 according to the fresh release.
Gold prices are likely to get influenced by the US CPI and consumer sentiment figures to be reported later in the US session.
Gold Technical Levels
The metal has an immediate resistance at 1150 and 1153 levels. Meanwhile, support stands at 1140 below which doors could open for 1132.80 levels.
(Market News Provided by FXstreet)