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Gold bulls ignore upbeat US ADP report

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 2, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    Gold prices quickly recovered from the marginal dip it suffered on upbeat US ADP report to trade around the pre-data level of $1232 levels.

    Treasury yields wobbly

    Treasury yields have failed to respond positively to the better-than-expected US data. The 2-yr yield, which mimics short-term rate hike bets, is trading largely unaffected by the data around 0.857%. Consequently, the greenback failed to benefit much from the ADP report.

    Hence, gold quickly recovered from the minor drop to $1226 levels. The focus now is on the US stocks, given the slide in oil is weighing over the US index futures.

    Gold Technical Levels

    The immediate resistance is seen at 1241.88 (Feb 29 high), above which the gains could be extended to 1253.32 (Feb 24 high). On the other hand, a break below 10-DMA at 1227.90 would open doors for a slide to 1210.80 (Feb 26 low).
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