4 Mar 2016
Gold clocks fresh 13-month high on weak US wage growth figures
Gold prices rose to a fresh 13-month high of $1279.85/Oz levels as investors sold USD across the board in response to a drop in the US wage growth in February.
Poised for weekly gain
A weekly gain is a done deal now, given the metal is trading well above its weekly opening price of $1221.33. Prices dipped to $1249.50 for a brief moment after a strong non-farm payrolls release.
However, investors then had a look at -0.1% m/m and 2.2% y/y average hourly earnings print and ditched the US dollar across the board. Gold, thus turned higher to monthly 100-MA at $1263 and extended gains further to $1279.85 levels.
Gold Technical Levels
The metal currently trades around $1275/Oz levels. The immediate hurdle is seen at 1285.80 (Feb 2015 high), above which the prices could test the psychological level of $1300. On the other hand, a failure to sustain above 1263 (monthly 100-MA) would open doors for a re-test of the daily low of $1249.50 (daily low).
Poised for weekly gain
A weekly gain is a done deal now, given the metal is trading well above its weekly opening price of $1221.33. Prices dipped to $1249.50 for a brief moment after a strong non-farm payrolls release.
However, investors then had a look at -0.1% m/m and 2.2% y/y average hourly earnings print and ditched the US dollar across the board. Gold, thus turned higher to monthly 100-MA at $1263 and extended gains further to $1279.85 levels.
Gold Technical Levels
The metal currently trades around $1275/Oz levels. The immediate hurdle is seen at 1285.80 (Feb 2015 high), above which the prices could test the psychological level of $1300. On the other hand, a failure to sustain above 1263 (monthly 100-MA) would open doors for a re-test of the daily low of $1249.50 (daily low).