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.