Gold finds support at post-NFP lows, gains muted

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 10, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - Gold prices found support at the post-non-farm payrolls low of USD 1085.50/Oz, but the recovery remains capped around USD 1088-1089/Oz levels.

    Range stays intact

    The rebound has kept the two-day trading range of USD 1085-1095 intact. The recovery appears to have been triggered by the USD index, which trimmed gains slightly to trade around 97.40 levels. Meanwhile, a minor recovery in the US stocks quickly fizzled out as they fell back into losses, thereby offering support to the yellow metal.

    The prices could continue to track the movement in the USD index. The recovery could gain traction, especially if the EUR/USD pair manages to sustain above 1.07 levels.

    Gold Technical Levels

    The immediate resistance is seen at 1091.53 (hourly 50-MA), above which the prices could test 1100. On the other side, support is seen at 1085.44 (Friday’s low), under which the losses could be extended to 1070 (July lows).
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