7 May 2015
Gold trades steady in Asia
FXStreet (Mumbai) - Gold prices traded steady around USD 1189/Oz in the Asian session on Thursday as investors digested Fed chairwoman Yellen’s comments.
Trades below 50-DMA
The metal currently trades below its 50-DMA located at USD 1190.25. The metal came under pressure on Wednesday despite the weaker-than-expected ADP employment report in the US. This has increased the risk of a disappointing non-farm payrolls report on Friday. Consequently, the Metal traders are likely to stay on the sidelines before Friday's release.
Gold Technical Levels
The immediate resistance is located at 1190.25, above which gains could be extended to 1194.00. On the flip side, a break below 1186.5 could drive the metal lower to 1180.00 levels.
Trades below 50-DMA
The metal currently trades below its 50-DMA located at USD 1190.25. The metal came under pressure on Wednesday despite the weaker-than-expected ADP employment report in the US. This has increased the risk of a disappointing non-farm payrolls report on Friday. Consequently, the Metal traders are likely to stay on the sidelines before Friday's release.
Gold Technical Levels
The immediate resistance is located at 1190.25, above which gains could be extended to 1194.00. On the flip side, a break below 1186.5 could drive the metal lower to 1180.00 levels.