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Gold hits fresh daily low after US non-farm payrolls data

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    Gold extended losses to hit a session low of $1216.96 levels after the data released in the US showed healthy job gains and rebound in wage growth figures.

    Clocks four-day low

    Prices currently trade at four-day low. At $1219 levels, the metal is still higher on the week; given the opening price was $1213.56.

    Treasury yields are trading positive now, while interest rate futures are pricing in a rate hike in September. The 2-yr yield, which mimics rate short-term rate hike bets, is up more than three basis points at 0.764%.

    Consequently, the metal is being offered, with bears eyeing 50-DMA support at $1212.60. Moreover, the rise in the unemployment rate is being ignored, given the labor force participation rate ticked higher as well.

    Gold Technical Levels

    The immediate support is seen at $1212.60 (50-DMA), under which prices could test $1200 support. A break lower would expose $1191.53 (Oct 15 high. Conversely, acceptance above $1244.12 (Mar 30 low) would open doors for a re-test of daily high of $1235.36 and $1240.41 (previous day’s high).
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