2 Jul 2015
Gold sees partial recovery
FXStreet (Mumbai) - Gold prices recovered partially to trade around USD 1166/Oz levels after the disappointing payrolls report in the US pushed the USD index lower.
Gold recovers as USD index falls
The USD index fell to an intraday low of 96.03 after the non-farm payrolls report showed the pace of job additions in the US slowed to 223K in June from the downwardly revised 254K seen in May. The labor force participation rate dropped, while average hourly earnings. Consequently, the USD was ditched across the board, which helped recover the metal from the low of USD 1156.00/Oz.
Meanwhile, the weekly claims also rose to a five-week high, although the report was overshadowed by the payrolls number. It remains to be seen of the metal turns positive for the day if the USD continued to weaken. The sentiment on the Wall Street could also influence the safe haven metal. At the moment. The S&P futures are trading marginally positive.
Gold Technical Levels
The immediate support is located at 1158, under which losses could be extended to 1147.6 (Mar 11 low). On the flip side, a break above 1168.6 (June 26 low) could see the metal re-test 1175.00.
Gold recovers as USD index falls
The USD index fell to an intraday low of 96.03 after the non-farm payrolls report showed the pace of job additions in the US slowed to 223K in June from the downwardly revised 254K seen in May. The labor force participation rate dropped, while average hourly earnings. Consequently, the USD was ditched across the board, which helped recover the metal from the low of USD 1156.00/Oz.
Meanwhile, the weekly claims also rose to a five-week high, although the report was overshadowed by the payrolls number. It remains to be seen of the metal turns positive for the day if the USD continued to weaken. The sentiment on the Wall Street could also influence the safe haven metal. At the moment. The S&P futures are trading marginally positive.
Gold Technical Levels
The immediate support is located at 1158, under which losses could be extended to 1147.6 (Mar 11 low). On the flip side, a break above 1168.6 (June 26 low) could see the metal re-test 1175.00.