Gold clocks fresh 13-month high on weak US wage growth figures

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 4, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    Gold prices rose to a fresh 13-month high of $1279.85/Oz levels as investors sold USD across the board in response to a drop in the US wage growth in February.

    Poised for weekly gain

    A weekly gain is a done deal now, given the metal is trading well above its weekly opening price of $1221.33. Prices dipped to $1249.50 for a brief moment after a strong non-farm payrolls release.

    However, investors then had a look at -0.1% m/m and 2.2% y/y average hourly earnings print and ditched the US dollar across the board. Gold, thus turned higher to monthly 100-MA at $1263 and extended gains further to $1279.85 levels.

    Gold Technical Levels

    The metal currently trades around $1275/Oz levels. The immediate hurdle is seen at 1285.80 (Feb 2015 high), above which the prices could test the psychological level of $1300. On the other hand, a failure to sustain above 1263 (monthly 100-MA) would open doors for a re-test of the daily low of $1249.50 (daily low).
    For more information, read our latest forex news.

Share This Page

free forex signals