1. Hello Guest Do you know binary.com offers exclusive $20 No Deposit Bonus for FX Binary Point visitors? Click here to sign up

Gold resumes rally towards $ 1160 ahead of NFP

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 5, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Joined:
    Oct 7, 2015
    Messages:
    27,524
    Likes Received:
    0
    Gold futures on Comex resumed the ongoing bullish run and jumped to the highest levels since Oct 29 during the European trades, as we head towards the US NFP data.

    Gold: 1160 on sight

    Currently, gold trades modestly flat at 1157.80, retreating slightly from fresh four-month highs reached at 1158.80 last minutes. The yellow metal rebounded sharply from 1153.70 lows and went on to reach fresh multi-month highs as markets begin to pricing-in weaker than expected US NFP data to be released later today.

    The US economy is expected to have added around 189,000 jobs last month, sharply lower from 292,000 jobs added in December.

    Further, the bullion ignored the positive sentiment on the European indices and gathered momentum, as the recovery in the greenback against its major rivals, appears to falter over the last hours.

    Gold Technical Levels

    The metal has an immediate resistance at 1160 (psychological levels) and 1165 (Oct levels). Meanwhile, the support stands at 1151.47/50 (daily pivot/ round number) below which doors could open for 1140.98 (50-WMA).
    For more information, read our latest forex news.
     

Share This Page