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8 May 2015
Gold struggles for direction
FXStreet (Mumbai) - Gold prices are wavering aimlessly as investors avoid taking big bets ahead of the US non-farm payrolls data, which could heavily influence the timing of interest rate hike in the US.
Stuck in a narrow range
The metal is stuck in the range of USD 1181-1888 right from the Asian session, after having suffered losses on Thursday after the US initial jobless claims printed near 15-year low. The markets now await non-farm payrolls report for April is likely to show the US economy added 224K jobs. This could influence the metal in a big way, especially if it is a surprisingly weak/strong print. In either case, the market expectations regarding the rate hike in the US could be altered in a significant way, which in turn could lead to big moves in Gold.
Gold Technical Levels
The immediate resistance is located at 1190.80 (50-DMA), above which gains could be extended to 1200.00. On the flip side, a break below 1177.5 could drive the metal lower to 1169.6.
Stuck in a narrow range
The metal is stuck in the range of USD 1181-1888 right from the Asian session, after having suffered losses on Thursday after the US initial jobless claims printed near 15-year low. The markets now await non-farm payrolls report for April is likely to show the US economy added 224K jobs. This could influence the metal in a big way, especially if it is a surprisingly weak/strong print. In either case, the market expectations regarding the rate hike in the US could be altered in a significant way, which in turn could lead to big moves in Gold.
Gold Technical Levels
The immediate resistance is located at 1190.80 (50-DMA), above which gains could be extended to 1200.00. On the flip side, a break below 1177.5 could drive the metal lower to 1169.6.