Gold weakens ahead of the US GDP data
London (Dec 23) Gold prices weakened ahead of the US data which is likely to show an upward revision in the third quarter US GDP along with a rise in the Durable goods orders in November.
The yellow metal currently trades 0.24% lower at USD 1177/Oz levels, compared to the previous session’s close of USD 1179.80/Oz levels. The metal has come under pressure as the markets expect third quarter US GDP to come-in at 4.3%, against the previous figure of 3.9%. Meanwhile, Durable goods orders in November are seen rising at 1.0%; well above the last month’s downwardly revised figure of 0.3%. Moreover, the positive expectations have pushed the US dollar index higher to 90.05 levels.
Gold Technical Levels
Gold has an immediate support located at 1174.70, under which losses could be extended to 1170.00 levels. Meanwhile, resistance is seen at 1182.00 and 1188.80 (5-DMA) levels.