9 Dec 2014
Gold rises to USD 1210 ahead of the US jobs data
FXStreet (Mumbai) - Gold prices rose slow and steady during the European session to hit the USD 1210 mark ahead of the US Jolts job opening data slated to release today at 15:00 GMT.
Gold now trades 1.39% higher at USD 1211.30/Oz levels. The metal recovered from the lows on the back of a correction in the US dollar index and due to the risk aversion in the financial markets across Asia and Europe. The major European equity indices have weakened by more than 1% today, while the dollar index has weakened 0.47% to trade at 88.77 levels.
Meanwhile, the investors also await Jolts Job openings data for October, which is likely to come-in at 4770, against the September’s print of 4735 levels. Though not widely followed, a surprisingly strong or weak data will affect Gold prices accordingly.
Gold Technical Levels
Gold has an immediate resistance located at 1215, above which gains could be extended to 1223 (100-DMA). Meanwhile, support is located at 1198 (50-DMA & 5-DMA) and 1194 (10-DMA).
Gold now trades 1.39% higher at USD 1211.30/Oz levels. The metal recovered from the lows on the back of a correction in the US dollar index and due to the risk aversion in the financial markets across Asia and Europe. The major European equity indices have weakened by more than 1% today, while the dollar index has weakened 0.47% to trade at 88.77 levels.
Meanwhile, the investors also await Jolts Job openings data for October, which is likely to come-in at 4770, against the September’s print of 4735 levels. Though not widely followed, a surprisingly strong or weak data will affect Gold prices accordingly.
Gold Technical Levels
Gold has an immediate resistance located at 1215, above which gains could be extended to 1223 (100-DMA). Meanwhile, support is located at 1198 (50-DMA & 5-DMA) and 1194 (10-DMA).