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Gold catches fresh bid amid flight to safety, US NFP eyed

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    Gold catches a fresh bid-wave and attempts recovery as we head towards the European session, with the bulls underpinned by the persistent risk-off moods, while focus remains on the US jobs data.

    Gold regains hourly 200-SMA at $ 1230.50

    Currently, gold trades marginally lower at 1232.29, retreating from 1229.32 lows reached in early Asia. The yellow metal picks-up strength over the last hours as the sell-off in the Asian equities spurred a fresh bout of buying interest in the safe-havens, including gold. Japan’s Nikkei closed down -3.55%, while the Chinese benchmark, the Shanghai Composite index drops -0.75%.

    However, the recovery remains fragile as markets remain unnerved heading into the US employment data due later in the day, which is likely to provide further insights on the US interest rates outlook, especially after Yellen’s dovish comments delivered earlier this week. The US payrolls are expected to grow by 205,000, according to a Reuters poll.

    Gold Technical Levels

    The metal has an immediate resistance at 1235 (round number) and 1242.40 (20-DMA). Meanwhile, the support stands at 1228 (1h 100-SMA) below which doors could open for 1220 (psychological levels).
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