6 Nov 2014
Gold takes a pause
FXStreet (Mumbai) - Gold prices are trading steady today after a rise in the US Dollar Index led to a sharp sell-off in Gold in the previous session.
Gold is trading 0.23% lower at USD 1143.10/Oz levels, after having recovered from a low of USD 1137.70 hit earlier today. Meanwhile, the US Dollar Index is trading 0.21% lower at 87.35 levels. The US ADP data released yesterday showed employment rose by 230,000 last month, beating expectations for an increase of 220,000. The stronger ADP data has increased the probability of a better-than-expected Non-farm payrolls data due tomorrow.
In the meantime, Gold may find support as the European equity futures are pointing to a weak opening. The Dax December futures are 0.10%, while the Ftse December futures are down 0.12%.
Gold Technical Levels
Gold has an immediate support at 1137.30, under which the prices can fall to 1118 levels. On the flip side, the prices may rise to 1163.5 levels, if the immediate resistance at 1151.80 is breached.
Gold is trading 0.23% lower at USD 1143.10/Oz levels, after having recovered from a low of USD 1137.70 hit earlier today. Meanwhile, the US Dollar Index is trading 0.21% lower at 87.35 levels. The US ADP data released yesterday showed employment rose by 230,000 last month, beating expectations for an increase of 220,000. The stronger ADP data has increased the probability of a better-than-expected Non-farm payrolls data due tomorrow.
In the meantime, Gold may find support as the European equity futures are pointing to a weak opening. The Dax December futures are 0.10%, while the Ftse December futures are down 0.12%.
Gold Technical Levels
Gold has an immediate support at 1137.30, under which the prices can fall to 1118 levels. On the flip side, the prices may rise to 1163.5 levels, if the immediate resistance at 1151.80 is breached.