Gold: Recovery intact on solid Chinese imports, ECB eyed
|Gold keeps its Asian recovery mode intact, although eased slightly from session tops on the back of resurgent demand for risky assets such as the equities, in wake of upbeat Chinese trade numbers.
Gold flirts around $ 1180
Currently, Comex gold futures trade with mild gains around 1179.20, retreating slightly from session tops reached at $ 1180.55. Gold prices find support from better-than expected Chinese imports and exports figures released earlier on the day for the month of November, highlighting increased external demand from the world’s top consumer of gold.
However, further recovery appears to lack follow-through as upbeat China data has brought along a renewed risk-on wave into markets, curbing the demand for gold as a safe-haven. Next of note for the major today remains the ECB decision due later in the day.
Comex Gold Technical Levels
The metal has an immediate resistance at 1185.40 (daily R2) and 1189.46 (20-DMA). Meanwhile, the support stands at 1175.58 (5-DMA) below which doors could open for 1157 (multi-month low).
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