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8 May 2015
Gold prints fresh session highs on the mixed NFP report
FXStreet (Mumbai) - Gold prices rose to a session high of USD 1193.3/Oz, before paring gains to trade at USD 1189.8/Oz after the labor department data in the US showed the economy shed 39K jobs in the previous two months.
Gold: Stuck at 50-DMA
The metal is once again having a tough time in sustaining above its 50-DMA currently located at USD 1190.87. The gains could have been capped as the economy added 223K jobs in April after having added just 84K jobs in March. The rebound in April is more or less in line with the Fed’s view that job markets should remain robust despite slowdown in the first quarter.
Gold Technical Levels
The immediate resistance is seen at the daily high of 1193.3, above which gains could be extended to 1200.00. On the flip side, a break below 1181.6, could drive the metal down to 1177.5-1169.6.
Gold: Stuck at 50-DMA
The metal is once again having a tough time in sustaining above its 50-DMA currently located at USD 1190.87. The gains could have been capped as the economy added 223K jobs in April after having added just 84K jobs in March. The rebound in April is more or less in line with the Fed’s view that job markets should remain robust despite slowdown in the first quarter.
Gold Technical Levels
The immediate resistance is seen at the daily high of 1193.3, above which gains could be extended to 1200.00. On the flip side, a break below 1181.6, could drive the metal down to 1177.5-1169.6.