1 Dec 2014
Gold trades steady ahead of the US PMI readings
FXStreet (Mumbai) - Gold prices steadied around USD 1776.Oz levels as investors await the US manufacturing PMI readings for November from Markit and ISM.
Gold now trades 0.14% higher for the day at USD 1776/Oz levels, after bouncing-off from the day’s low of USD 1141.850/Oz levels. The Markit US PMI is expected to rise slightly to 55.00 levels while the ISM figure is expected to come-in at 58.00. Both figures are still comfortably in growth territory. However, a surprisingly weak figure is likely to push Gold prices higher.
The yellow metal recovered from the day’s low during the European session, tracking weak PMI manufacturing figures across China and Eurozone. The Moody’s downgrade of Japanese debt also helped yellow metal gain strength.
Gold Technical Levels
Gold has an immediate resistance located at 1182.70 on the hourly charts, above which a strong resistance is seen at 1200.00 levels. Meanwhile, a failure to sustain gains at the current levels, shall push the pair down to the day’s low of 1141.80.
Gold now trades 0.14% higher for the day at USD 1776/Oz levels, after bouncing-off from the day’s low of USD 1141.850/Oz levels. The Markit US PMI is expected to rise slightly to 55.00 levels while the ISM figure is expected to come-in at 58.00. Both figures are still comfortably in growth territory. However, a surprisingly weak figure is likely to push Gold prices higher.
The yellow metal recovered from the day’s low during the European session, tracking weak PMI manufacturing figures across China and Eurozone. The Moody’s downgrade of Japanese debt also helped yellow metal gain strength.
Gold Technical Levels
Gold has an immediate resistance located at 1182.70 on the hourly charts, above which a strong resistance is seen at 1200.00 levels. Meanwhile, a failure to sustain gains at the current levels, shall push the pair down to the day’s low of 1141.80.