Thursday, September 24, 2015

Gold supported around $ 1132 in Asia

FXStreet (Mumbai) - The yellow metal keeps its upbeat momentum intact and consolidates to the upside in the Asian morning, after the bullion rebounded on Wednesday following increased bids for safe-haven assets after weaker Chinese manufacturing data.

Awaits US data for further direction

Currently, gold trades modestly flat at 1132.10, recovering from a dip to 1129.90 lows. Gold price held on to yesterday’s gains and extends further as Japanese traders on their return after a long break; digest the tepid Chinese macro-data and the recent speculations over Fed policy.

Moreover, mixed performance of the Asian equities also lifts the demand for gold as a higher yielding asset.

Meanwhile, the US dollar appeared to have lost some steam following three days of gains, with the USD index tracking the currency's performance against a basket of major peers was flat on Thursday.

Looking ahead, bigger USD moves in the markets can be expected later today as the US is due to release fresh August data for durable goods orders which may have major impact on the buck.

Gold Technical Levels

The metal has an immediate resistance at 1135 (Sept 22 High) and 1138.50 (Sept 21 High) levels. Meanwhile, support stands at 1128.30 (Sept 23 Low) below which doors could open for 1120 levels.
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