FXStreet (Mumbai) – Gold prices on Comex shaved-off earlier gains and trades dead flat in the mid-European session as markets now turn their attention towards the biggest market mover for this week – the US non-farm payrolls data from the US.
Gold hovers around $ 1175
Currently, gold trades flat at 1175.20, bouncing-off 1174.20 lows. Gold snapped its short-lived recovery in Asia and trades directionless this session as the market prepares for the most influential labour data from the US for further hints on the timing of the Fed rate hike.
Moreover, the upside in gold prices remain capped on the back of rising US treasury yields in anticipation of a better show on the US employment scenario.
Meanwhile, the US dollar index, measuring the relative strength of the greenback against a basket of six major currencies, trades 0.12% higher at 95.61, heading towards session highs at 95.80.
Gold Technical Levels
The metal has an immediate resistance at 1180 and 1185 levels. Meanwhile, support stands at 1172 below which doors could open for 1168 levels.
(Market News Provided by FXstreet)