6 Mar 2015
Gold awaits US NFP report
FXStreet (Mumbai) - Gold prices trades steady at USD 1196.1/OZ levels as investors prefer to stay on the sidelines ahead of the February Non-farm payrolls (NFP) report in the US.
Gold to extend losses below USD 1200?
The metal could see a sharp sell-off if the data shows the economy added more jobs in February than the expected figure of 235K. A better-than-expected data could further strengthen the US dollar. In such a case, Gold could extend the slide below USD 1200 levels. On the other hand, the metal could rise above USD 1200.00 in case the jobs number is below 235K.
Gold Technical Levels
The immediate support is seen at 1190, under which losses could be restricted at 1186.3-1184 levels. On the flip side, a rise above 1205, could see the metal re-test 1217.04 (100-DMA) levels.
Gold to extend losses below USD 1200?
The metal could see a sharp sell-off if the data shows the economy added more jobs in February than the expected figure of 235K. A better-than-expected data could further strengthen the US dollar. In such a case, Gold could extend the slide below USD 1200 levels. On the other hand, the metal could rise above USD 1200.00 in case the jobs number is below 235K.
Gold Technical Levels
The immediate support is seen at 1190, under which losses could be restricted at 1186.3-1184 levels. On the flip side, a rise above 1205, could see the metal re-test 1217.04 (100-DMA) levels.