FXStreet (Mumbai) – Gold prices on Comex trades recovered partial losses and keeps red in the mid-European session, bouncing-off lows just ahead of $ 1180, largely as the US dollar is relentlessly sold-off across the board on sharp gains seen in the EUR/USD.
Gold supported at $ 1180
Currently, gold trades -0.12% at 1183.50, retreating from 1180.30 session lows. Gold erased half its slide as the USD bulls took a back seat with the greenback largely undermined on a strengthening EUR/USD following rallying German bund yields.
Moreover, gold dropped for the second straight session amid a lack of safe-haven demand, with traders appearing nervous ahead of Friday’s US jobs report.
Meanwhile, the US dollar index, measuring the relative strength of the greenback against a basket of six major currencies, trades -0.48% lower at 94.90.
Markets will now focus on a fresh set of US macro releases including weekly jobless claims and revised nonfarm productivity q/q for further USD moves.
Gold Technical Levels
The metal has an immediate resistance at 1190 and 1195 levels. Meanwhile, support stands at 1180 below which doors could open for 1178 levels.
(Market News Provided by FXstreet)