FXStreet (Mumbai) – Gold trades flat in Asia after suffering losses in the previous session on the back of an upward revision of the US Q3 core personal expenditure figure.
Trades around 23.6% Fibo levels
Prices currently hover around USD 1073.78/Oz (23.6% of Dec 17 low-Dec 21 high). The metal was on the two-day winning streak, before it got offered in the NY session on Tuesday. The US Q3 GDP was revised slightly lower, however, the upward revision of the core PCE ensured the metal came under pressure.
Meanwhile, the uptick in the US stocks also capped the haven demand for the yellow metal. Prices could stay comatose in Europe and may witnessed action after the US data release – personal spending, personal income and durable goods report.
Gold Technical Levels
A break below the immediate support at 1073.78 (23.6% of Dec 17 low-Dec 21 high), under which the prices could drop to 1073.35 (hourly 100-MA). On the other hand, a break above 1075.46 (hourly 200-MA) would expose 1081.79 (Dec 21 high).
(Market News Provided by FXstreet)