Gold price crawls to highs near $1190

Mumbai-India (Apr 23)  Gold prices on Comex retains gains in the mid-European trades, as falling global equities and a softer greenback boosts the appeal for the metal as an alternative asset. While markets await US economic data due to be released ahead of NA open.

Gold attempts to 50-DMA

Currently, gold trades 0.24% higher at fresh session highs of 1189.90 levels, having posted fresh weekly lows at 1183.70. Gold prices edged higher as falling European stocks as well US treasury yields continue to push 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 lows at 98.08 and now trades at 98.19 levels, marginally lower on the day.

More so, holdings at SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, rose to 742.35 tons on Tuesday reflecting increased investors confidence in the yellow metal.

Meanwhile, traders now eye US unemployment claims and new home sales data 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.

Source: FXstreet