6 Apr 2015
Gold hits session high
FXStreet (Mumbai) - Gold prices rose to a session high of USD 1223.5/Oz levels amid thin volumes. The weaker-than-expected non-farm payrolls data in the US continues to support the yellow metal.
US data awaited
The yellow metal could be influenced by the US ISM non-manufacturing figure for March, which is expected to fall slightly to 56.5 from 56.9 in February. A weaker-than-expected ISM figure could drive the metal to new session highs.
Moreover, prices could rise sharply as US traders enter markets and price-in a surprisingly weak NFP report. The activity could stay subdued during the European session due to the Easter holiday.
Gold Technical Levels
The immediate resistance is seen at 1236.8, above which gains could be extended to 1250.00. On the flip side, a break below 1217.87 (200-DMA), could drive the prices lower to 1209.70.
US data awaited
The yellow metal could be influenced by the US ISM non-manufacturing figure for March, which is expected to fall slightly to 56.5 from 56.9 in February. A weaker-than-expected ISM figure could drive the metal to new session highs.
Moreover, prices could rise sharply as US traders enter markets and price-in a surprisingly weak NFP report. The activity could stay subdued during the European session due to the Easter holiday.
Gold Technical Levels
The immediate resistance is seen at 1236.8, above which gains could be extended to 1250.00. On the flip side, a break below 1217.87 (200-DMA), could drive the prices lower to 1209.70.