Gold edged lower on Wednesday despite broadly weaker dollar, as investors awaited the release of important U.S. data later in the global day for fresh signs on the state of the economy and the timing of the Fed rate hike.
On the Comex, gold futures
for August delivery shed $5.20, or 0.44%, to trade at $1,189.20 a troy
ounce during European morning hours. Prices held in a range between
$1,189.20 and $1,195.60.
Futures were likely to find support at $1,180.20, the low from May 28, and resistance at $1,204.70, the high from June 1.
Yesterday, gold prices added $5.70, or 0.48%, to trade at $1,194.40, supported by a broadly weaker greenback.
The U.S. is expected to release the ADP jobs report for May, and the ISM to report on service sector activity.
Friday's U.S. nonfarm payrolls report are also highly expected, as market players await further clues on the timing of the Federal Reserve interest rates lift-off.
