FXStreet (Mumbai) – Gold prices on Comex reversed previous gains and fell back into losses in Asia, as the Chinese stocks rebounded today following upbeat China CPI data which eased risk-off moods, weighing heavily on the yellow metal.
Gold supported at $ 1155
Currently, gold trades -0.59% lower at 1156.60, keeping range near multi-month lows reached at 1145.90 on Wednesday. The yellow metal remains completely disconnected from the recent happenings in Greece and China. While FOMC minutes released late Wednesday also failed to lift gold prices.
The release of the Federal Reserve’s (Fed) meeting minutes showed that the central bank’s members remained cautious when talking about increasing interest rates from record lows. The minutes unveiled the still-rather-dovish approach of members of the FOMC despite the ongoing signs of improvement in the US economy.
Meanwhile, the US dollar index, measuring the relative strength of the greenback against a basket of six major currencies, trades flat at 96.44.
Later in the day, markets will await fresh news from Greece while US weekly jobs data will be closely watched for further USD moves.
Gold Technical Levels
The metal has an immediate resistance at 1160 and 1164 levels. Meanwhile, support stands at 1146.20 below which doors could open for 1142.40 levels.
(Market News Provided by FXstreet)