Gold recovers from lows near $1191

FXStreet (Mumbai) - Gold prices on Comex extends its descent in the late Asian session, erasing gains from early US last session largely on profit-taking after the weak US economic releases pushed the greenback lower.

Gold consolidates above $1190

Currently, gold trades -0.28% lower at 1191.20 levels, having posted fresh session lows at 1190.20. Gold prices dipped in Asia despite falling Asian equities as a slight higher US dollar weighed on the yellow metal.

The US dollar index which measures the relative strength of the greenback against a basket of six major currencies retreated from session highs at 97.74 and now trades at 97.57 levels, up 0.14% on the day.

Meanwhile, traders now eye US durable goods and core durable goods orders data due later in the day for further direction on the dollar moves and hence on the precious metal.

Gold Technical Levels

The metal has an immediate resistance at 1195 and 1200 levels. Meanwhile, support stands at 1183.50 levels below which doors could open for 1180 levels.