Gold prices will continue to be under the fate of the greenback after being denied by the $1180 resistance level. The price is currently hovering around the $1175 level with a bias to the downside. No major data is set to be reported today so we expect a relatively calm day but keep in mind that risk appetite is rising again with gains in the equity market.
The price for Gold bounced off from its $1160.20 lows to retest the $1180 resistance after extreme oversold conditions dominated the whole day. Gold's price momentum is still bullish despite being denied by the $1180 level. We expect it to break above that level and head towards the $1187 mark.
Support: 1183.5 1168.8
Resistance: 1992.50 1197.75