Gold resumes rally towards $ 1160 ahead of NFP

5 February, 2016

Gold futures on Comex resumed the ongoing bullish run and jumped to the highest levels since Oct 29 during the European trades, as we head towards the US NFP data.

Gold: 1160 on sight

Currently, gold trades modestly flat at 1157.80, retreating slightly from fresh four-month highs reached at 1158.80 last minutes. The yellow metal rebounded sharply from 1153.70 lows and went on to reach fresh multi-month highs as markets begin to pricing-in weaker than expected US NFP data to be released later today. 

The US economy is expected to have added around 189,000 jobs last month, sharply lower from 292,000 jobs added in December.

Further, the bullion ignored the positive sentiment on the European indices and gathered momentum, as the recovery in the greenback against its major rivals, appears to falter over the last hours.

Gold Technical Levels

The metal has an immediate resistance at 1160 (psychological levels) and 1165 (Oct levels). Meanwhile, the support stands at 1151.47/50 (daily pivot/ round number) below which doors could open for 1140.98 (50-WMA).


Source link  
Gold holds steady near 6-week highs

Gold trimmed of the early gains to a six-week high and retreated to the $1262 region during early the European session, albeit has managed to hold...

USD stays under pressure on politics

The US dollar inched up from a 13-month low against a basket of six major currencies touched in early trading, assisted by strongerthan-expected...

Dollar rebounds from multi-month lows

The greenback selling pressure seems to have abated for the time being, with the key US Dollar Index (DXY) bouncing off 9-month lows...


EUR/GBP jumps to fresh yearly tops

The EUR/GBP cross was seen building on previous session's strong up-move and has now jumped to fresh yearly tops near 0.8875...

USD: Fed being a little more hawkish

The dollar picked up over the past week, and this continued to be in reaction to a Fed that is being a little more hawkish...

EUR sluggish in recent weeks

EUR has also been surprisingly soft in light of the convincing win by French President Macron...


EUR/USD sinks to session lows

The single currency is now losing the grip vs. the buck, sending EUR/USD to test the area of daily lows in the 1.1240/30. Spot met extra downside pressure...

Euro is consolidating below the 1.1300

In view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair still points to some consolidation...

Dollar Index rebound looks plausible

In view of the analysts at Societe Generale, the Dollar Index correction appears to have come...

  


Share: