4 Mar 2015
Gold steadies around USD 1205
FXStreet (Mumbai) - Gold prices trade steady around USD 1205/Oz levels ahead of the US ISM non manufacturing data. The weaker-than-expected ADP employment report failed to strengthen the yellow metal.
Strong USD weighs on Gold
The disappointing ADP report failed to strengthen Gold prices as the gains were capped due to the strength in the US index. Moreover, despite the weak data and fall in the Treasury yields, the USD index continues to trade 0.31% higher at 95.75 levels. Meanwhile, weakness in the US stock markets is helping the yellow metal sustain around USD 1205 levels.
The metal could fall into losses if the ISM's index of activity in the service sector fails to meet consensus estimates of 56.5.
Gold Technical Levels
The immediate support is seen at 1200, under which losses could be extended to 1190.00 levels. On the other hand, a break above the resistance at 1207.19 (hourly 200-MA) could push the prices higher to 1210.40 (hourly 100-MA).
Strong USD weighs on Gold
The disappointing ADP report failed to strengthen Gold prices as the gains were capped due to the strength in the US index. Moreover, despite the weak data and fall in the Treasury yields, the USD index continues to trade 0.31% higher at 95.75 levels. Meanwhile, weakness in the US stock markets is helping the yellow metal sustain around USD 1205 levels.
The metal could fall into losses if the ISM's index of activity in the service sector fails to meet consensus estimates of 56.5.
Gold Technical Levels
The immediate support is seen at 1200, under which losses could be extended to 1190.00 levels. On the other hand, a break above the resistance at 1207.19 (hourly 200-MA) could push the prices higher to 1210.40 (hourly 100-MA).