Gold treads water amid China sell-off, weaker USD

Dhwani Mehta FXStreet

FXStreet (Mumbai) - Gold price on Comex recovered from a brief dip in early Asia and now trades around a flat line ahead of Europe open, awaiting fresh incentives from a data-heavy week ahead with all eyes back of China after the country’s stock markets tumbled today.

Gold: recovery capped at $ 1135

Currently, gold trades almost unchanged at 1134, having posted a high at 1134.70 and a low at 1128.70. Gold prices staged a mild come back in Asia as the broad USD weakness lent a helping hand while falling Asian equities dragged by Chinese equities sell-off also boosted the gold prices slightly.

Meanwhile, the US dollar index, a virtual gauge of greenback’s relative strength, trades –0.37% lower at 95.79.

Gold fell over the week on the back of the greenback's correction due to positive data from the US, while any risk-off sentiment, boosting gold prices as well, faded away.

Gold Technical Levels

The metal has an immediate resistance at 1140 and 1146 levels. Meanwhile, support stands at 1128.70 (Today’s Low) below which doors could open for 1123.10 (Aug 28 Low) levels.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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