9 Jan 2015
Gold struggles ahead of US NFP data
FXStreet (Mumbai) - Gold prices are struggling to rise as investors prefer to stay on the sidelines ahead of the monthly jobs in the US, which is likely to show continued labor market strength.
The yellow metal currently trades 0.265 higher at USD 1211.50/Oz levels, after having declined from a high of USD 1214.30 hit earlier today. The marginal strength in prices is due to the slight weakness in the US Treasury yields. However, the broader gains are likely to remain capped since the expectations of a strong December Non-farm payroll are high due to an upbeat ADP report and Jobless Claims report released earlier this week. Meanwhile, stable equities have also capped gains in Gold.
Gold Technical Levels
The immediate resistance is seen at 1216.3, above which prices could test 1223.2 levels. Meanwhile, support is seen at 1209.1 and 1202.02 (100-DMA) levels.
The yellow metal currently trades 0.265 higher at USD 1211.50/Oz levels, after having declined from a high of USD 1214.30 hit earlier today. The marginal strength in prices is due to the slight weakness in the US Treasury yields. However, the broader gains are likely to remain capped since the expectations of a strong December Non-farm payroll are high due to an upbeat ADP report and Jobless Claims report released earlier this week. Meanwhile, stable equities have also capped gains in Gold.
Gold Technical Levels
The immediate resistance is seen at 1216.3, above which prices could test 1223.2 levels. Meanwhile, support is seen at 1209.1 and 1202.02 (100-DMA) levels.