Gold pares losses near $ 1194

FXStreet (Mumbai) – Gold prices on Comex erased most losses and trades muted n the late Asian session despite lower Asian equities and persistent weakness in the US dollar as markets await key macro data due later this week.

Gold holds above $ 1190

Currently, gold trades flat at 1194.10, having posted day’s high at 1195.60 and day’s lows at 1192. Gold trades muted, although firmed up in the previous session after the greenback was heavily sold-off on downbeat US factory data and on rising EUR/USD.

Moreover, Greece debt concerns kept the yellow metal underpinned. Greece and its creditors have still not come to an agreement about key fiscal issues, with Athens facing a large payment that could potentially default the country by the end of the week.

Meanwhile, the US dollar index, measuring the relative strength of the greenback against a basket of six major currencies, trades -0.22% lower at 95.78, retreating from fresh session highs reached at 96.10.

In the day ahead, markets will now focus on a fresh set of US macro releases including the key ADP employment figures which may provide fresh incentives on the precious metal.

Gold Technical Levels

The metal has an immediate resistance at 1200 and 1205 levels. Meanwhile, support stands at 1190 below which doors could open for 1185 levels.

Gold prices on Comex erased most losses and trades muted n the late Asian session despite lower Asian equities and persistent weakness in the US dollar as markets await key macro data due later this week.

(Market News Provided by FXstreet)