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Gold wavers in a narrow range after US data

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Mumbai) - Gold is wavering in a narrow range as the USD stayed largely resilient even though the US data showed personal spending stalled in December.

    Awaits US ISM manufacturing PMI

    Prices quickly recovered from a minor drop to USD 1119.60 to trade around USD 1123/Oz levels. The data released in the US showed the savings rate jumped to highest since Dec 2015 as spending dipped, while income rose. However, USD has managed to stay resilient which capped the gains in the metal.

    The focus now is on the US ISM manufacturing PMI employment sub index. A strong figure could push up expectations of a strong NFP, due this Friday.

    Gold Technical Levels

    The immediate resistance is seen at 1123 (Friday’s high), above which the prices could rise to 1136 (61.8% of Oct high-Dec low). On the other hand, a break below 1118.85 (50% of Oct high-Dec low) would shift risk in favor of a drop to 1108.20 (Friday’s low).
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