5 Mar 2015
Gold struggles for direction
FXStreet (Mumbai) - Gold prices continue to hover in the range of USD 1198-1205 amid the disappointing weekly jobless claims and factory orders report in the US and European Central Bank’s discussion of its open ended asset purchase program.
Gold: Attention shift to Friday’s NFP
The investors now await Friday’s Non-farm payrolls report in the US, which could show the economy added 241K jobs, slightly lower than the previous month’s 257K gain. The jobless rate is projected to fall from 5.7% to 5.6% for that period while average hourly earnings could see a small uptick of 0.2%.
A better-than-expected jobs report could trigger a downside breakout from the Gold’s narrow trading range. On the other hand, a weak data could weaken the Greenback and push Gold towards its 100-DMA at USD 1216.64 levels.
Gold Technical Levels
The metal currently trades at USD 1202.4/Oz levels; up 0.09% for the day. The immediate resistance is seen at 1205.7, above which gains could be extended to 1216.64 levels. On the flip side, a break below 1199 could push the pair down to 1190 levels.
Gold: Attention shift to Friday’s NFP
The investors now await Friday’s Non-farm payrolls report in the US, which could show the economy added 241K jobs, slightly lower than the previous month’s 257K gain. The jobless rate is projected to fall from 5.7% to 5.6% for that period while average hourly earnings could see a small uptick of 0.2%.
A better-than-expected jobs report could trigger a downside breakout from the Gold’s narrow trading range. On the other hand, a weak data could weaken the Greenback and push Gold towards its 100-DMA at USD 1216.64 levels.
Gold Technical Levels
The metal currently trades at USD 1202.4/Oz levels; up 0.09% for the day. The immediate resistance is seen at 1205.7, above which gains could be extended to 1216.64 levels. On the flip side, a break below 1199 could push the pair down to 1190 levels.