FXStreet (Mumbai) – Gold prices on Comex slipped in red in the Asian morning, snapping two consecutive days of gains, mainly driven by profit-taking slide following the recent strength.
Gold drops from 1178.10
Currently, gold trades -0.11% lower at 1176.20, having posted day’s low at 1175.70. Gold continues snapped its rebound and edged lower as traders resorted to lock-in gains following the two day’s rally.
Moreover, higher Asian equities on the back of weaker yen also diminished the attractiveness of gold as an alternative higher yielding asset, pushing prices lower.
Meanwhile, the US dollar index, measuring the relative strength of the greenback against a basket of six major currencies, trades -0.10% lower at 95.07, retreating from 95.17 session highs.
Financial markets are now waiting for the next major US economic release on Thursday – retail sales for May, which will help shape up further USD moves.
Gold Technical Levels
The metal has an immediate resistance at 1180 and 1185 levels. Meanwhile, support stands at 1172 below which doors could open for 1168 levels.
(Market News Provided by FXstreet)