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Gold nears post-NFP lows as USD index strengthens

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - Gold prices turned lower in the US session to trade near post-NFP lows as the USD index strengthened despite weak import price index data.

    Stuck in a range

    At USD 1087/Oz, the prices remain stuck in the range of USD 1085-1095. The range was established after the USD rally post-NFP release on Friday stalled in early Asian session on Monday. Prices rose to a high of USD 1095/Oz earlier today, before falling back near USD 1095/Oz on USD strength.

    Ahead in the day, the metal could continue to track the USD index; which currently trades 0.37% higher around 99.48 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).
    For more information, read our latest forex news.
     

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