Gold Attempts Recovery from 9-Day Lows, Near $ 1265
The yellow metal stalled its recent selling spiral and now swings back
on the bids, staging a minor pullback from nine-month troughs as the USD
buying eased this Tuesday.
Gold holds above $ 1260
Currently,
gold trades modestly flat at 1265.12, having fallen six out of seven
sessions. The bullion makes tepid recovery attempts this session amid a
better risk tone and a modestly higher greenback across the board, as
markets await fresh impetus for next direction on gold. Meanwhile,
stabilizing Chinese CPI data eased worries over Chinese slowdown fear
and thereby lifted the overall market sentiment, keeping upside in
check.
Gold fails
to react to the recent downbeat US employment data and remained under
pressure after the US dollar jumped to almost two-week high against its
major peers. While falling Asian demand, especially from India, weighed
on the precious metal.
Nothing of note for the metal on the cards
today, except for the US JOLTS jobs opening data. Besides, Fed official
Bullard’s speech will be closely heard for fresh hints on the US
interest rates outlook.
Gold Technical Levels
The
metal has an immediate resistance at 1270 (round number) and 1279 (1h
100-SMA). Meanwhile, the support stands at 1260 (round figure) below
which doors could open for 1255.