FXStreet (Mumbai) – Gold prices strengthened moderately on Thursday, tracking minor weakness in the USD index. The metal recovered from the previous session’s low of USD 1183.4/Oz to trade at USD 1190/Oz levels.
Gold under pressure on US rate outlook
The metal has declined sharply from the high of USD 1232.3/Oz seen on May 18th as the US dollar strengthened across the board on the increased possibility of a rate hike this year. The metal fell from USD 1205 to USD 1185 earlier this week as the upbeat core durable goods data further strengthened the USD.
Ahead in the day, the metal traders shall remain focused on the weekly jobless claims data release in the US.
Gold Technical Levels
The immediate resistance is located at 1195.12 (5-DMA), above which the metal could extend gains to 1199.85 (50-DMA). On the flip side, a break below 1183.4 could push the metal down to 1178.00 levels.
(Market News Provided by FXstreet)