Gold extends recovery to $1182

FXStreet (Mumbai) - Gold prices on Comex bounced-back sharply from fresh monthly lows reached at 1174.10 levels on Friday and trades near fresh session highs in Asia largely on the profit-taking after the recent sell-off.

Gold rises from $ 1177.90

Currently, gold trades 0.63% higher at 1182 levels, having posted fresh session highs at 1182.60. Gold prices rebounded in Asia mainly driven by a short-covering rally after gold prices tumbled to fresh monthly lows on Friday following US stocks touched all-time highs, dampening demand for gold as a safe-haven.

Meanwhile, the US dollar index which measures the relative strength of the greenback against a basket of six major currencies retreated from session highs at 97.22 and now trades flat at 97.09 levels, also contributed to the gains in the yellow metal.

More so, hedge funds and money managers added to their bullish bets in gold futures and options during the week ended April 21, US Commodity Futures Trading Commission data showed on Friday.

Gold Technical Levels

The metal has an immediate resistance at 1188 and 1192 levels. Meanwhile, support stands at 1180 levels below which doors could open for 1174 levels.