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30 Nov 2015
Gold trades comatose as USD index stays in three figures
FXStreet (Mumbai) - Gold prices continues to trade in the sideways manner around USD 1055/Oz as prices have little room for a recovery, given the USD index is in three figures.
Weak ahead of payrolls
Prices slipped to a fresh five year low on Friday in a holiday-thinned trade. However, no technical recovery was seen in Asian even though market volumes returned to normal levels. Moreover, the USD index stayed near eight-month high, which ensured gold remained on a backfoot.
The metal appears weak ahead of the Friday’s payrolls figure and could face further onslaught from the bears if the US ISM figure and ADP figure is strong.
Gold Technical Levels
The immediate resistance is seen at 1065 (hourly 50-MA0, above which the prices could rise to 1069.13 (hourly 100-MA). On the other hand, a break below 1051.10 (Nov 27 low) would expose 1032 (Mar 2008 high).
Weak ahead of payrolls
Prices slipped to a fresh five year low on Friday in a holiday-thinned trade. However, no technical recovery was seen in Asian even though market volumes returned to normal levels. Moreover, the USD index stayed near eight-month high, which ensured gold remained on a backfoot.
The metal appears weak ahead of the Friday’s payrolls figure and could face further onslaught from the bears if the US ISM figure and ADP figure is strong.
Gold Technical Levels
The immediate resistance is seen at 1065 (hourly 50-MA0, above which the prices could rise to 1069.13 (hourly 100-MA). On the other hand, a break below 1051.10 (Nov 27 low) would expose 1032 (Mar 2008 high).