Gold keeps losses below $ 1110, US data eyed

By FXStreet FXStreet (Mumbai) – Gold price on Comex halted the minor recovery seen yesterday and resumed its downside momentum on Friday as markets refrain from creating fresh positions ahead of the next week’s Fed rate decision.

Gold supported above $ 1100 marker

Currently, gold trades -0.21% lower at 1107, recovering from session lows of 1104.50 struck last hours. Gold stalled its corrective mode and fell back into the red zone as traders preferred to lock-in gains heading into the release of Chinese macro updates this weekend.

While markets also remained unnerved with increasing speculations over the timing of the Fed rate lift-off ahead of the Fed policy decision next week.

Moreover, the US dollar erased losses and regained footing across the board, which also seems to weigh on the bullion. The US dollar index now trades marginally higher at 95.60.

Markets now await key US data releases due later this session for further USD moves. The US consumer confidence survey is expected to decrease slightly to 91.4 in September after the unexpected drop to 91.9 in August, while the US PPI is seen at a negative 0.1 m/m in August.

Gold Technical Levels

The metal has an immediate resistance at 1110 (Aug 11 Low) …read more

Source:: FX Street