FXStreet (Mumbai) – Gold prices on Comex resumed its bearish momentum on Wednesday, reversed a brief recovery seen yesterday, as the yellow metal is getting pulled towards the major psychological levels at 1080.
Gold prices rejected at $ 1101.60
Currently, gold trades -0.77% lower at 1094.90, bouncing-off close to five-year lows reached at 1090. Gold headed southwards despite falling US dollar with no fresh fundamental triggers amid another data-quiet trading session.
Analyst at Deutsche Bank notes, “I wouldn’t be surprised if gold starts to recover a bit back up $1,130 in the coming days, but my sense is that it is still going lower.”
Looking ahead, existing home sales are due on Wednesday, and are expected to remain around 5.4 million, although the impact on US dollar should be only mild.
Gold Technical Levels
The metal has an immediate resistance at 1108 and 1112 levels. Meanwhile, support stands at 1087 below which doors could open for 1080 levels.
(Market News Provided by FXstreet)