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  
US Dollar rebounds beyond 94.80

The greenback bounces off lows, approaches 94.90. Yields of the US 10-year note remain sidelined so far. NAHB index came in below expectations in June...

WTI downside opening up to $69.50

Looks vulnerable amid OPEC, non-OPEC output lift talks, stronger USD adds to the weight. Technical set up also indicate further downside risks...

Gold climbs back closer to weekly tops

Dovish FOMC minutes prompt some USD profit-taking and help regain positive traction. Sliding US bond yields/cautious mood provides an additional boost...


Gold eases from 1-month tops

Gold surrendered early modest gains to fresh 1-month tops and is currently placed near session lows, touched in the past hour. Easing fears of a full-blown...

Pound celebrates on positive headlines

Last week a UK government official reportedly signalled that progress had been made on the transition deal. However, unanswered questions have...

Gold weakens farther below $1320 level

Gold continued losing ground at the start of a new trading week and tumbled to fresh session lows, around $1315 in the past hour. Following an early...


Dollar risks getting dumped

While today's US inflation report is getting touted as being key for the short-term direction of travel for global markets, we're a bit more sceptical...

Gold drops to 4-month low

Gold (XAU/USD) hits a four-month low of $1256. 08 today as yield curve continues to collapse on speculation that tax reform would open doors for faster...

Euro approaching the support level

A break of $1.1800 would be technically important. Sterling, like the euro, appears to have traced out a reversal candlestick pattern-shooting...


In the past 24 hours Bitcoin has gained 3.03% and reached $6749.22. Open your trading account with the best cryptocurrency brokers on special terms today.

In the past 7 days the EUR/USD pair has lost -1.4373% and is now at $1.1592. Start trading and making money on Forex today.

In the past 7 days Ethereum has lost -0.85% and is now at $519.989. Have the most popular cryptocurrencies compared online 24/7.


Top Brokers offering Forex Market Analysis



Forex Currencies Forecasts



Top 10 Forex Brokers 2018

# Broker Review
1easyMarketseasyMarkets88%
2FXTMFXTM87%
3HYCMHYCM85%
4FIBO GroupFIBO Group80%
5FxProFxPro77%
6FXCMFXCM74%
7Alfa-ForexAlfa-Forex72%
8HotForexHotForex71%
9XMXM70%
10Blue TradingBlue Trading67%
  


Share: