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Gold eases-off 4-month highs, NFP eyed

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 5, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    Gold futures on Comex keep range near multi-month tops and await the US NFP data for the next push higher towards $ 1160 and beyond.

    Gold closed above 50-WMA for the first time in a year

    Currently, gold trades marginally lower at 1156.30, retreating slightly from fresh four-month highs reached at 1157.90 in the US last session. The yellow metal is seen consolidating to the upside before the next leg higher, as the persisting risk-aversion in Asia amid falling Asian indices render support to the gold bulls.

    Meanwhile, focus now shifts towards the highly influential US payrolls data, which will throw more light on the Fed’s take on further rate hikes this year in wake of the recent series of weak US macro data.

    The US economy is forecast to have added around 189,000 jobs last month, sharply lower from 292,000 jobs added in December.

    Gold Technical Levels

    The metal has an immediate resistance at 1157.90 (Feb 4 High) and 1160 (psychological levels). Meanwhile, the support stands at 1151.47/50 (daily pivot/ round number) below which doors could open for 1140.98 (50-WMA).
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