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Gold recovers losses in US session

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 5, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - Gold prices recovered losses in the US session after a batch of weak US data, but gains remained muted ahead of Friday’s non-farm payrolls.

    Rejected at USD 1110/Oz

    Prices recovered from USD 1106/Oz to trade, but failed to sustain above USD 1110/Oz levels on account of a a rise in the weekly US jobless claims and weaker wages. Moreover, the gains remained capped due to the resilience in the USD index despite weaker data.

    The next major trigger comes in the form of a US non-farm payrolls report due for release tomorrow. The data could significantly alter the Fed rate hike bets and influence the yellow metal.

    Gold Technical Levels

    At USD 1108/Oz, the immediate support is seen at 1106.41 (previous day’s low), which is followed by a psychological support at 1100. On the other side, resistance stands at 1114.41 (Tuesday’s low) and 1120.60 (61.8% of July low-Oct high).
    For more information, read our latest forex news.
     

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