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6 Nov 2015
Gold ticks higher ahead of payrolls report
FXStreet (Mumbai) - Gold prices ticked higher in Asia and continues to trade positive in early Europe after having dropped for seven consecutive sessions.
Tests hourly 50-MA
Prices ran into its hourly 50-MA located at USD 1110/Oz levels. The metal has been on a falling trend ever since the Fed revived hopes of a December rate hike in its October meeting. In the last seven sessions, the metal has shed $80.
The focus now shifts to the US non-farm payrolls report, which could show the economy added 180K jobs. The report could alter rate hike bets in a significant way and thus affect gold prices.
Gold Technical Levels
The immediate resistance is located at 1115 (10-DMA), which is followed by 1120.60 (61.8% of Jul-Oct rally and hourly 100-MA). On the lower side, a rejection at the hourly 100-MA 1110 could push the metal back to 1103 (previous day’s low) and 1100 levels.
Tests hourly 50-MA
Prices ran into its hourly 50-MA located at USD 1110/Oz levels. The metal has been on a falling trend ever since the Fed revived hopes of a December rate hike in its October meeting. In the last seven sessions, the metal has shed $80.
The focus now shifts to the US non-farm payrolls report, which could show the economy added 180K jobs. The report could alter rate hike bets in a significant way and thus affect gold prices.
Gold Technical Levels
The immediate resistance is located at 1115 (10-DMA), which is followed by 1120.60 (61.8% of Jul-Oct rally and hourly 100-MA). On the lower side, a rejection at the hourly 100-MA 1110 could push the metal back to 1103 (previous day’s low) and 1100 levels.