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FXStreet (Mumbai) - Gold prices recovered from the day’s low after a data released earlier today showed China’s manufacturing activity weakened to a five-month low in October.
Gold is trading at USD 1172.10/Oz, after having recovered from a low of USD 1161.30/Oz. China’s official PMI index fell dropped to to 50.8 in October from 51.1 in September. Though the index managed to remain above the 50 level, the weak data still highlight the concerns regarding the slowdown in the activity.
Meanwhile, the gains in the metal have been capped by a strong performance of the Us Dollar Index, which is trading 0.26% higher at 87.27 levels.
Gold Technical Levels
Gold has an immediate resistance located at 1183.50, while the immediate support is located at 1160.00 levels. The prices can fall to 1144 levels if the immediate support is breached.
