6 Mar 2015
Gold might fall to $1182 if US NFP surprises to the upside – FXStreet
FXStreet (Barcelona) - FXStreet Editor and Analyst, Dhwani Mehta, gives the technical outlook for XAU/USD, and the probable price action into the US NFP release later in the day.
Key Quotes
“Currently, the pair is seen trading in a very tight range, stick around 1200 levels as markets now brace for the key US non-farm payrolls data later in the day, which is expected to set a clear direction for the yellow metal prices.”
“NFP data may show that the world's biggest economy is expected to have added some 240,000 non-farm jobs last month, down slightly from 257,000 in January.”
“The downbeat data may diminish bets of a mid-year rate hike boosting the gold prices.”
“The pair faces a strong resistance at 10-DMA placed at 1205 levels. A break above that the pair is likely to pierce through the 100-DMA located at 1215 levels on the release of NFP data and further rise to 1223 levels.”
“In case, the data surprises on the upside, beating market estimates, gold prices may fall below the crucial support zone at 1195, opening floors to 1182 (Jan low) levels.”
“Overall, the pair is expected to trade cautious around 1200 levels ahead of US labour market report due later in the US session.”
Key Quotes
“Currently, the pair is seen trading in a very tight range, stick around 1200 levels as markets now brace for the key US non-farm payrolls data later in the day, which is expected to set a clear direction for the yellow metal prices.”
“NFP data may show that the world's biggest economy is expected to have added some 240,000 non-farm jobs last month, down slightly from 257,000 in January.”
“The downbeat data may diminish bets of a mid-year rate hike boosting the gold prices.”
“The pair faces a strong resistance at 10-DMA placed at 1205 levels. A break above that the pair is likely to pierce through the 100-DMA located at 1215 levels on the release of NFP data and further rise to 1223 levels.”
“In case, the data surprises on the upside, beating market estimates, gold prices may fall below the crucial support zone at 1195, opening floors to 1182 (Jan low) levels.”
“Overall, the pair is expected to trade cautious around 1200 levels ahead of US labour market report due later in the US session.”