8 May 2015
Gold ticks higher on disappointing China trade data
FXStreet (Mumbai) - Gold prices advanced moderately on the back of a sluggish Chinese trade data, which triggered more worries regarding the Chinese economy.
Gains capped ahead of US non-farm payrolls data
The metal ticked higher to USD 1186.1/Oz from the low of USD 1181.6/Oz after the data in China showed China’s exports in April fell 6.4% from a year earlier in dollar terms, after a drop of 15% in March. Imports slipped 16.2% from a year earlier, extending a 12.7% drop in March.
However, the momentum appears to have stalled around USD 1186 as investors await the US on-farm payrolls data. The metal came under pressure in the previous session after the weekly jobless claims in the US printed near 15-year lows.
Gold Technical Levels
The immediate resistance is located at 1188.58 (10-DMA), above which gains could be extended to 1192.5. On the flip side, a break below 1181.6 could drive the prices back to 1177.5.
Gains capped ahead of US non-farm payrolls data
The metal ticked higher to USD 1186.1/Oz from the low of USD 1181.6/Oz after the data in China showed China’s exports in April fell 6.4% from a year earlier in dollar terms, after a drop of 15% in March. Imports slipped 16.2% from a year earlier, extending a 12.7% drop in March.
However, the momentum appears to have stalled around USD 1186 as investors await the US on-farm payrolls data. The metal came under pressure in the previous session after the weekly jobless claims in the US printed near 15-year lows.
Gold Technical Levels
The immediate resistance is located at 1188.58 (10-DMA), above which gains could be extended to 1192.5. On the flip side, a break below 1181.6 could drive the prices back to 1177.5.