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7 Nov 2014
Gold hits 4-1/2 year low ahead of the US data
FXStreet (Mumbai) - Gold fell to a 4-1/2 year low as the strong ADP monthly jobs report and an upbeat weekly jobless claims data increased the probability of a better-than-expected monthly non-farm payrolls data due for release today.
Gold is trading 0.05% lower at USD 1142.00, up from the day’s low of USD 1131.40 levels. The yellow metal came under pressure yesterday after the initial jobless claims for the last week fell to a three-week low. Moreover, a strong Non-farm payroll data would add to the speculation that the Federal Reserve (Fed) may increase the interest rates sooner-than-expected. Thus, Gold may remain under pressure ahead of the data.
Gold Technical levels
Gold has an immediate resistance at 1144, above which the prices may rise to 1148 levels. Meanwhile, a strong support is seen at 1131 levels.
Gold is trading 0.05% lower at USD 1142.00, up from the day’s low of USD 1131.40 levels. The yellow metal came under pressure yesterday after the initial jobless claims for the last week fell to a three-week low. Moreover, a strong Non-farm payroll data would add to the speculation that the Federal Reserve (Fed) may increase the interest rates sooner-than-expected. Thus, Gold may remain under pressure ahead of the data.
Gold Technical levels
Gold has an immediate resistance at 1144, above which the prices may rise to 1148 levels. Meanwhile, a strong support is seen at 1131 levels.