Back
6 Nov 2015
Gold comatose ahead of Non-farm payrolls
FXStreet (Mumbai) - Gold prices are trading comatose around USD 1108/Oz levels ahead of the US non-farm payrolls report, but appears poised for a weekly loss.
Third straight weekly loss?
The non-farm payrolls report due in a few minutes could significantly alter the Fed rate hike bets and thus, decide the fate of the yellow metal. A strong figure could cement December rate hike bets and add seal a third weekly loss for the metal.
Meanwhile, a horribly weak number could trigger a correction, however, a possibility of a weekly loss would still exist, since the metal need to cover almost $40 to turn positive on a weekly basis.
Gold Technical Levels
The immediate resistance is located at 1115 (10-DMA), which is followed by 1120.60 (61.8% of Jul-Oct rally and hourly 100-MA). On the lower side, The support is seen at 1105.40 (daily low) and 1100 levels.
Third straight weekly loss?
The non-farm payrolls report due in a few minutes could significantly alter the Fed rate hike bets and thus, decide the fate of the yellow metal. A strong figure could cement December rate hike bets and add seal a third weekly loss for the metal.
Meanwhile, a horribly weak number could trigger a correction, however, a possibility of a weekly loss would still exist, since the metal need to cover almost $40 to turn positive on a weekly basis.
Gold Technical Levels
The immediate resistance is located at 1115 (10-DMA), which is followed by 1120.60 (61.8% of Jul-Oct rally and hourly 100-MA). On the lower side, The support is seen at 1105.40 (daily low) and 1100 levels.