Gold steadies ahead of US data

FXStreet (Mumbai) – Gold steadies after four days of losses as investors await personal spending report in the US, which h would throw light on the whether the consumption is ticking up in line with sustained job gains.

Greece news ignored

The metal has not been able to strengthen despite renewed tension over Greece’s negotiations with its creditors. Moreover, the increasing speculation regarding a September rate hike in the US is capping gains in the metal. Prices also faced additional pressure from a stronger USD.

Ahead in the day, the weekly jobless claims and personal spending (exp 0.7%) could set the tone for further moves in the metal.

Gold Technical Levels

The immediate resistance is seen at 1179.8, above which gains could be extended to 1186.03 (hourly 200-MA). On the flip side, a break below 1175 could see the metal target 1170.3.

Gold steadies after four days of losses as investors await personal spending report in the US, which h would throw light on the whether the consumption is ticking up in line with sustained job gains.

(Market News Provided by FXstreet)