Gold price turns negative

Mumbai-India (Jun 1)  Gold prices turned lower from the high of USD 1191.8 to trade with moderate losses in the European session on the back of a strong US dollar.

Gold trades at USD 1187/Oz

The metal dipped into losses after the USD index strengthened by 0.61% to 97.53 levels. The common currency and the British Pound dipped against the USD after their respective gauge of manufacturing indices failed to meet the market expectations.

Ahead in the day, the metal could take cues from the US personal spending and income data. The metal rose to a high of USD 1196.9/Oz on late Friday despite the slower-than-expected first quarter economic growth reported in the US.

Gold Technical Levels

The immediate support is seen at 1185, under which the prices could dip to 1179.9 (May 28 low). On the flip side, a break above the daily high of 1191.8 could push the prices higher to 1195.41 (10-DMA).

Source: FXstreet