1 May 2015
Gold prices drop to session lows
FXStreet (Mumbai) - Gold prices fell to a session low of USD 1178.5/OZ levels, extending the losses seen in the previous session on the back of a sharp drop in the weekly initial jobless claims.
Focus on US data
The metal awaits the US ISM manufacturing data for April, which is seen rising to 52.00 from 51.5 in March. The Michigan consumer sentiment and market manufacturing PMI data could also influence the yellow metal. In the meantime, the uptick in the major US index futures seen at the time of writing is likely to keep the metal under pressure.
Gold Technical Levels
The metal currently trades at USD 1179.4/Oz. The immediate resistance is located at 1184.8, above which gains could be extended to 1194.40 (hourly 200-MA). On the flip side, support is seen at 1175 and 1163.7.
Focus on US data
The metal awaits the US ISM manufacturing data for April, which is seen rising to 52.00 from 51.5 in March. The Michigan consumer sentiment and market manufacturing PMI data could also influence the yellow metal. In the meantime, the uptick in the major US index futures seen at the time of writing is likely to keep the metal under pressure.
Gold Technical Levels
The metal currently trades at USD 1179.4/Oz. The immediate resistance is located at 1184.8, above which gains could be extended to 1194.40 (hourly 200-MA). On the flip side, support is seen at 1175 and 1163.7.