FXStreet (Mumbai) – Gold price on Comex is seen posting moderate losses in the mid-European session, although keeps the range-trade intact since Friday, as markets now await US retail sales and industrial output data to provide some fresh impetus.
Gold capped below $ 1108
Currently, gold trades 0.29% lower at 1104.40, retreating from highs posted at 1108.50. Gold extends further to the downside on fading risk-aversion as European indices stalled their downslide and extends recovery, dulling gold’s allure as a safe-haven.
In the day ahead, gold prices are expected to be slightly impacted by the upcoming US macro data flow including the retail sales, industrial production and the regional manufacturing index due to be reported in the NA session.
Gold Technical Levels
The metal has an immediate resistance at 1108.50 (Today’s Low) and 1110 (Aug 11 Low) levels. Meanwhile, support stands at 1100 below which doors could open for 1094 (Aug 11 Low) levels.
(Market News Provided by FXstreet)