7 Aug 2015
Gold moderately higher ahead of NFP
FXStreet (Mumbai) - Gold prices strengthened moderately to USD 1095/Oz levels, although momentum lacks strength since the investors prefer to stay on the sidelines ahead of the NFP report.
NFP: Make or Break figure for Gold
Gold prices have been on the down trend since March as the signs of economic rebound in the Q2 in the US raised bets of an interest rate hike in 2015. Consequently, gold fell from USD 1300 to 5-1/2 year low of USD 1073/Oz in July.
Register to the live coverage and trade the NonFarm Payrolls with Bednarik, Pinkert and Elam
The July US non-farm payrolls report due release today is widely being viewed as an indicator of the September rate hike. “Some further” improvement in the labour market could cement September rate hike expectations, thereby pushing Gold to fresh multi-year lows. On the other hand, a dismal payrolls print could delay rate hike and may trigger a technical correction in Gold.
Gold Technical Levels
The immediate resistance is located at 1100, followed by another hurdle at 1105.80 (July 23 high). On the other hand, support is seen at 1083.50 (July 20 low) and 1073.70 (July 24 low).
NFP: Make or Break figure for Gold
Gold prices have been on the down trend since March as the signs of economic rebound in the Q2 in the US raised bets of an interest rate hike in 2015. Consequently, gold fell from USD 1300 to 5-1/2 year low of USD 1073/Oz in July.
Register to the live coverage and trade the NonFarm Payrolls with Bednarik, Pinkert and Elam
The July US non-farm payrolls report due release today is widely being viewed as an indicator of the September rate hike. “Some further” improvement in the labour market could cement September rate hike expectations, thereby pushing Gold to fresh multi-year lows. On the other hand, a dismal payrolls print could delay rate hike and may trigger a technical correction in Gold.
Gold Technical Levels
The immediate resistance is located at 1100, followed by another hurdle at 1105.80 (July 23 high). On the other hand, support is seen at 1083.50 (July 20 low) and 1073.70 (July 24 low).