7 Jan 2015
Gold unmoved by US ADP report
FXStreet (Mumbai) - Gold prices trade largely unchanged post the release of the upbeat ADP report as investors remain cautious ahead of the December Federal Reserve minutes release later today.
The yellow metal trades 0.64% lower at USD 1211.60/Oz levels, compared to the previous session’s close at USD 1219.40/Oz levels. The metal prices quickly recovered from a minor slump witnessed after the better-than-expected ADP jobs report for December hit the wires. The ADP data showed job additions at 241K in December, which is higher than the expected print of 225K. Moreover, the US 10-yr Treasury yields failed to capitalize on the strong US data, paving way for the stability in Gold prices.
Gold Technical Levels
Gold has an immediate support located at 1209.76 (50-DMA), under which prices may fall to 1205.50 levels. Meanwhile, resistance is seen at 1214.18 (10-DMA) and 1218.4 levels.
The yellow metal trades 0.64% lower at USD 1211.60/Oz levels, compared to the previous session’s close at USD 1219.40/Oz levels. The metal prices quickly recovered from a minor slump witnessed after the better-than-expected ADP jobs report for December hit the wires. The ADP data showed job additions at 241K in December, which is higher than the expected print of 225K. Moreover, the US 10-yr Treasury yields failed to capitalize on the strong US data, paving way for the stability in Gold prices.
Gold Technical Levels
Gold has an immediate support located at 1209.76 (50-DMA), under which prices may fall to 1205.50 levels. Meanwhile, resistance is seen at 1214.18 (10-DMA) and 1218.4 levels.