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Gold sees minor-recovery ahead of US jobs, Yellen

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 4, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - Gold prices staged a modest rebound from the cheapest levels in five weeks during Asia, as markets resorted to profit-taking before the crucial US jobs data and the Fed Chair Yellen’s testimony due later in the day.

    Gold faces stiff barrier at hourly 20-SMA

    Currently, gold trades 0.0.68% higher at 1121.70, hovering close to fresh session highs reached at 1122.30 in early Asia. Gold bulls fight hard and manage to recover a part of yesterday’s steep losses as traders prefer to lock-in gains on their shorts heading into the much-awaited US jobs data, which is expected to shed fresh light on Dec Fed rate hike options.

    The bullion also completely ignored the prevailing risk-on environment and extends its recovery, only to remain short-lived as investors fret that the upcoming economic data from the US will push the Fed for a rate hike this year.

    Markets now await the ADP report and trade balance data from the US due later today before Friday’s official NFP data. While fresh hints on the interest rate outlook will be also awaited from Yellen’s testimony scheduled in the day ahead.

    Gold Technical Levels

    The metal has an immediate resistance at 1123.85 (hourly 20-SMA) and 1131.53 (hourly 50-SMA). Meanwhile, support stands at 1118.61/80 (hourly 10-SMA/ Today’s Low) below which doors could open for 1113.90 (Nov 3 Low).
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