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Gold sees moderate weakness ahead of US data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 1, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    Gold is down moderately ahead of the non-farm payrolls data release in the US, which could show pace of job additions slowed in March.

    Trades around 10-DMA

    Having declined from the daily high of $1235.36, the metal is now trading around its 10-DMA level of $1229.60. The weakness in the metal is surprising given the risk aversion in Asia and Europe.

    More than the jobs data, the focus now is on the wage growth figures. However, the metal remains vulnerable to strong payrolls figure, given its is heading into the payrolls release on a back foot.

    Gold Technical Levels

    The immediate resistance is seen at $1235.36 (daily high), above which the prices could test hurdle at $1244.12 (Mar 30 high) and $1260 (Mar 22 high). On the other hand, a breakdown of support at $1223.50 (previous day’s low) would expose $1207.69 (Mar 28 low) and $1200 handle.
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