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Gold strengthens as European equities wobble

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 3, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    Gold caught a bid wave amid weakness in the European stock markets and now trades 0.20% higher on the day around $1244/Oz levels.

    Awaits US data

    The metal traders now await the weekly jobless claims data released in the US, which will be followed by Markit and ISM services PMI release. The focus is likely to be on the ISM non-manufacturing PMI employment index, which will help shape up expectations surrounding Friday’s non-farm payrolls report.

    Prices recovered from the low of $1236.90 as European stocks suffered moderate drop. The USD index is flat as well, hence is out of focus as of now.

    Gold Technical Levels

    The immediate resistance is seen at 1248.57 (Mar 1 high), above which the gains could be extended to 1253.32 (Feb 24 high). On the other hand, a break below 10-DMA at 1227.90 would open doors for a slide to 1210.80 (Feb 26 low).
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