[FOREX News] Gold holds above 1170 levelsCurrently, gold trades 0.30% higher at 1170.60 levels, bouncing-off session lows at 1167.47 levels. Gold prices suffered its fifth weekly drop in the past six, as QE on EZ and a solid monthly US jobs report drove the US dollar to its strongest level in over a decade. Surprisingly strong US jobs data put the risk of a mid-year Fed hike back on the table, dent demand for non-interest-bearing yellow metal, dragging its prices lower.
Moreover, in signs of lack of investors’ confidence in gold, SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings fell 0.59 percent to 756.32 tonnes on Friday.
Gold Technical Levels
The metal has an immediate resistance at 1174 (hourly 20-DMA) and 1180 levels. Meanwhile, support stands at 1167.47 (Today’s low) levels below which doors could open for 1163 (March 6 Low) levels.
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