Gold retreats sharply on stronger USD, below $ 1170

Gold futures on Comex failed to sustain at more than three-month tops and reversed nearly $ 10 in the Asian trades so far this Monday.

Gold slips below $ 1170

Currently, gold fell -0.70% to 1165.80, having posted fresh session lows at 1164.80 last hours. The yellow metal extends its retreat from post-NFP highs and remains in the red as the USD bulls continue to ride higher on the upbeat US jobs numbers released on Friday, which once again brought March Fed rate hike back on the table. Meanwhile, the US dollar index trades 0.15% higher at 97.10.

Ahead in the week, markets now await Fed Chair Yellen’s testimony on the Semi-annual Monetary Policy Report before the Senate Banking Committee due on Wednesday for fresh insights on the Fed’s interest rates outlook, while Friday’s retail sales data from the US will be also closely eyed for further USD moves.

Gold Technical Levels

The metal has an immediate resistance at 1174.80 (Feb 5 High) and 1180 (Oct levels). Meanwhile, the support stands at 1160/58 (round number/ 5-DMA) below which doors could open for 1155.