Gold keeps tight range circa 1189

FXStreet (Mumbai) – Gold prices on Comex trades around a flat line in the Asian session, in a very tight range with traders cautious ahead of the crucial US Q1 GDP figures which is expected spur volatility.

Gold back below $ 1190

Currently, gold trades 0.09% at 1189.90, having posted day’s high at 1190.90 and day’s lows at 1188. Gold trades with moderate gains throughout the most of the session in Asia, snapping a streak of four daily losses, as the dollar rally paused following a softening in the weekly gauge of layoffs in the US.

The US dollar index, measuring the relative strength of the greenback against a basket of six major currencies, trades flat at 97.09, retreating from fresh session lows reached at 96.94.

Looking ahead, today’s second reading on the US GDP will be key not only for the USD but also for bullion prices. The revised data is expected to show the economy shrank 0.9% in the Q1, rather than growing 0.2% as the initial reading in April suggested.

Gold Technical Levels

The metal has an immediate resistance at 1192.50 and 1195 levels. Meanwhile, support stands at 1182 below which doors could open for 1178 levels.

Gold prices on Comex trades around a flat line in the Asian session, in a very tight range with traders cautious ahead of the crucial US Q1 GDP figures which is expected spur volatility.

(Market News Provided by FXstreet)