9 Jan 2015
Gold remains unchanged after NFP data
FXStreet (Mumbai) - Gold prices trade largely unchanged after monthly jobs report in the US highlighted strong job additions with a decline in the unemployment rate and wage growth.
The yellow metal currently trades 0.54% higher at 1215.00 levels after the Non-farm payrolls (NFP) data for December came-in at 252K, beating the expected print of 240K, The last month’s figure was revised upwards to 353K. However, the average hourly earnings declined 0.2%, while the labor force participation rate fell to 62.7%. Moreover, the 10-year Treasury yields in the US rose to 2.014%, which pushed the USD index higher to 92.60 levels. Thus, gains in the yellow metal were capped. However, losses in the yellow metal may have been capped due to the disappointing average hourly earnings data.
Gold Technical Levels
The immediate resistance is seen at 1218, above which gains could be extended to 1223.30 levels. Meanwhile, support is seen at 1208.40 and 1202.00 levels.
The yellow metal currently trades 0.54% higher at 1215.00 levels after the Non-farm payrolls (NFP) data for December came-in at 252K, beating the expected print of 240K, The last month’s figure was revised upwards to 353K. However, the average hourly earnings declined 0.2%, while the labor force participation rate fell to 62.7%. Moreover, the 10-year Treasury yields in the US rose to 2.014%, which pushed the USD index higher to 92.60 levels. Thus, gains in the yellow metal were capped. However, losses in the yellow metal may have been capped due to the disappointing average hourly earnings data.
Gold Technical Levels
The immediate resistance is seen at 1218, above which gains could be extended to 1223.30 levels. Meanwhile, support is seen at 1208.40 and 1202.00 levels.