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Gold supported above $ 1130 in Asia

FXStreet (Mumbai) - Gold price on Comex is seen trading almost unchanged in the early Asian hours after booking heavy losses on Monday as the USD bulls jumped back into the bids, thus halting the yellow metal’s recent advance.

Gold trades in a slim range

Currently, gold trades modestly flat at 1132.90, although within yesterday’s trading range. Gold prices trade muted and consolidate previous losses, as the Asian calendar remains absolutely data-empty with Japanese traders on the side lines for the second straight session.

Moreover, rallying European and US equities on Monday dented gold’s appeal as a safe-haven asset amid improving appetite for riskier assets.

Meanwhile, the US dollar remains broadly flat in Asia, halting its previous upsurge, thereby providing some support to the gold bulls.

The US dollar index, the virtual gauge of the greenback’s relative strength, trades flat at 95.99, retreating from 96.16 levels seen in the last US session.

Gold Technical Levels

The metal has an immediate resistance at 1138.50 (Sept 21 High) and 1141.20 (Sept 18 High) levels. Meanwhile, support stands at 1130.80 (Sept 21 Low) below which doors could open for 1127.80 (Sept 18 Low) levels.

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