Gold comatose ahead of Non-farm payrolls

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 6, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Mumbai) - Gold prices are trading comatose around USD 1108/Oz levels ahead of the US non-farm payrolls report, but appears poised for a weekly loss.

    Third straight weekly loss?

    The non-farm payrolls report due in a few minutes could significantly alter the Fed rate hike bets and thus, decide the fate of the yellow metal. A strong figure could cement December rate hike bets and add seal a third weekly loss for the metal.

    Meanwhile, a horribly weak number could trigger a correction, however, a possibility of a weekly loss would still exist, since the metal need to cover almost $40 to turn positive on a weekly basis.

    Gold Technical Levels

    The immediate resistance is located at 1115 (10-DMA), which is followed by 1120.60 (61.8% of Jul-Oct rally and hourly 100-MA). On the lower side, The support is seen at 1105.40 (daily low) and 1100 levels.
    For more information, read our latest forex news.

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