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Gold remains stuck around post-NFP lows

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 12, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - Gold prices continue to hover around post-NFP low of USD 1085/Oz as markets eye comments from the Fed officials for more clues regarding the December rate hike.

    Gains capped by treasury yields

    The prices attempted to a minor rally, which ran out of steam around USD 1088 as the treasury yields ticked higher in anticipation of hawkish comments from the Fed officials. The 10-yr treasury yield currently trades more than one basis points higher. The 2-yr yield, which is more policy sensitive, also trades more than one basis points higher.

    Consequently, Gold fell back to trade around USD 1085/Oz levels. Ahead in the day, the major trigger is the Fed speak. The weekly jobless claims may not have much impact unless the number is shockingly strong/weak.

    Gold Technical Levels

    The immediate resistance is seen at 1089.00 (hourly 50-MA), above which the prices could test 1100. On the other side, support is seen at 1084.20 (Wednesday’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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