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9 Jan 2015
Gold edges higher, US Jobs Report eyed
FXStreet (Mumbai) - Gold prices traded advanced in late-Asian session, recovering losses from the last two session and positioned for first weekly gain in a month, as gold’s demand for more lucrative asset increased after the recent US and UK’s dovish policy stance.
Currently, gold traded at USD 1212.20/Oz, up 0.31%, after having posted intraday low at 1208.10 levels. Gold prices also regained strength as demand returned for the yellow metal amid rising oil as gold is seen as a hedge against oil-led inflation. Moreover, expectations of a weaker US labour report later in the day, may weigh on the US dollar, supporting the upside in gold prices.
Gold Technical Levels
The metal has an immediate resistance at 1219.40 (Jan 7 High) levels, above which gains could be extended to 1223.30 (Jan 6 High) levels. Meanwhile, support stands at 1203.41 (100-DMA) below which doors could open for 1196.73 (10-DMA) levels.
Currently, gold traded at USD 1212.20/Oz, up 0.31%, after having posted intraday low at 1208.10 levels. Gold prices also regained strength as demand returned for the yellow metal amid rising oil as gold is seen as a hedge against oil-led inflation. Moreover, expectations of a weaker US labour report later in the day, may weigh on the US dollar, supporting the upside in gold prices.
Gold Technical Levels
The metal has an immediate resistance at 1219.40 (Jan 7 High) levels, above which gains could be extended to 1223.30 (Jan 6 High) levels. Meanwhile, support stands at 1203.41 (100-DMA) below which doors could open for 1196.73 (10-DMA) levels.