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6 Feb 2015
Gold cautiously higher
FXStreet (Mumbai) - Gold prices moved cautiously higher as investors avoid making big bets ahead of the Non-farm payrolls (NFP) data in the US.
US NFP data to trigger the next move in Gold
The yellow metal has been restricted largely in a range of USD 1255 to 1273 from past two trading sessions. The losses have been capped around USD 1255 due to Greek debt issue, while the gains have been restricted around USD 1273 levels due to gains in the equity markets and caution ahead of the NFP data.
Moreover, the data due for release later today is likely to show the pace of job additions in the US slowed to 230K in January from December’s 252K. A weak data could weaken the US dollar and support gains in the yellow metal.
Gold Technical Levels
The metal currently trades 0.36% higher at USD 1267.30/Oz levels. The immediate resistance is seen at 1267.92 (5-DMA), above which prices could test 1273.7 levels. On the flip side, support is seen at 1261.9 and 1255.2 levels.
US NFP data to trigger the next move in Gold
The yellow metal has been restricted largely in a range of USD 1255 to 1273 from past two trading sessions. The losses have been capped around USD 1255 due to Greek debt issue, while the gains have been restricted around USD 1273 levels due to gains in the equity markets and caution ahead of the NFP data.
Moreover, the data due for release later today is likely to show the pace of job additions in the US slowed to 230K in January from December’s 252K. A weak data could weaken the US dollar and support gains in the yellow metal.
Gold Technical Levels
The metal currently trades 0.36% higher at USD 1267.30/Oz levels. The immediate resistance is seen at 1267.92 (5-DMA), above which prices could test 1273.7 levels. On the flip side, support is seen at 1261.9 and 1255.2 levels.