Gold price deep in red near $1188, US data eyed

Mumbai-India (Apr 24)  Gold prices on Comex extends losses in the mid-European session as a broader recovery in US treasury yields across the curve in anticipation on above estimates key US data – durable goods orders due later in the NA session, dulling the attractiveness of the metal as a higher yielding asset.

Gold dips below $1190

Currently, gold dropped to fresh session lows at 1186.90 levels and heads lower to test weekly lows at 1183.60 levels. Gold prices fell further in to losses as the USD erased losses, boosted by higher treasury yields ahead of US macro data release.

The US dollar index which measures the relative strength of the greenback against a basket of six major currencies recovered entire losses and now trades at 97.41.

Meanwhile, traders now eye US durable goods and core durable goods orders data due later in the day for further direction on the dollar moves and hence on the precious metal.

Gold Technical Levels

The metal has an immediate resistance at 1198 and 1202 levels. Meanwhile, support stands at 1183.50 levels below which doors could open for 1180 levels.

Source: FXstreet