Gold attempting gains as USD index surrenders gains

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 1, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    Gold is attempting gains in the US session as the greenback surrendered gains against the basket of currencies ahead of the key data releases.

    Eyes US data

    The metal traders await the US ISM manufacturing PMI release, which is expected to show the contraction in the activity continued in February. Furthermore, the employment sub index would also influence the expectations surrounding the Friday’s non-farm payrolls release.

    As of now, the metal is attempting gains ahead of the release as the USD index fell from the daily highs to trade largely unchanged on the day around 98.26 levels.

    Gold Technical Levels

    The immediate resistance is seen at 1248.57 (daily high), above which the gains could be extended to 1253.32 (Feb 24 high). On the other hand, a breakdown of 1212 (23.6% of Dec low-Feb high) could see the prices drift lower to 1200 levels.
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