Back

Gold in red near $1187

FXStreet (Mumbai) - Gold prices on Comex trade lower in a narrow range in the late-Asian session, as traders continue to absorb Friday’s crucial NFP data while higher Asian equities on Chinese stimulus dampens gold’s attractiveness as an alternative investment.

Gold wavers in $2 range

Currently, gold trades lower by -0.14% at fresh session lows near 1187.20 levels. Gold remains subdued in Asia after the USD bulls continue to ride higher backed by upbeat US labour market report which re-ignited rate hike bets.

The long awaited non-farm payrolls grew 223,000 in April, following March's soft downwardly revised 85,000 job additions. Meanwhile, April's update marginally missed an anticipated hike of 228,000 new jobs. The unemployment rate decreased to 5.4%, in line with expectations, from 5.5% seen previously.

Morever, rising Asian stocks after China cut its interest rate for the third time since Nov 2014 in a bid to revive the country’s growth also kept gold prices pressured.

Meanwhile, the US dollar will remain the major driver amid a data light session ahead with Greece talks likely to keep gold mildly underpinned.

Gold Technical Levels

The metal has an immediate resistance at 1190 and 1195 levels. Meanwhile, support stands at 1180 below which doors could open for 1178 levels.

JPY net shorts increase after two weeks – OCBC

Emmanuel Ng, FX Strategist at OCBC Bank, explains that USD/JPY trades rudderless, with FX positioning data showing an increase in JPY net shorts.
مزید پڑھیں Previous

Buy USD/CHF dips – Commerzbank

Karen Jones, Head of Technical Analysis at Commerzbank, believes USD/CHF might be on its way to retest 0.9484 and 0.9509 levels, hence suggests buying dips towards 0.9290.
مزید پڑھیں Next