Price of Gold awaits US data

New Delhi-India (Apr 23)  Gold remains dead flat in the European session as investors await the weekly jobless claims data in the US due for release later today.

Gold: Ignores USD index, eyes US data

The metal did not respond to movements in the USD index, which clocked a high 98.64 before moving back to its opening rate of 98.26. The disappointing PMI reports in the Eurozone, also failed to have any impact on the yellow metal.

Focus now shifts to the labor department data in the US, which is expected to show initial jobless claims in the last week dropped to 287K from 294K in the previous week. The New Home sales figures in the US could also influence the metal.

Gold Technical Levels

The immediate support is seen at 1183.7, under which losses could be extended to 1178.5. On the other hand, a break above 1191.1 could see the metal re-test the psychological resistance at 1200.00.

Source: FXstreet