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3 Apr 2015
Gold supported above USD 1200, NFP in focus
FXStreet (Mumbai) - Gold prices on Comex pauses its uptrend and trades modestly flat in Asia as bulls took a breather after yesterday's strong rally which posted the biggest single day gain in five weeks.
Gold slips on profit-taking
Currently, gold trades flat at 1202.60 levels, recovering session lows reached at 1194.80. Gold prices remain almost unchanged as traders seem cautious ahead of US non-farm payrolls figures and resorted to profit-taking on their long positions after the recent rally beyond 1200 levels. The US dollar index which measures the relative strength of the greenback against a basket of six major currencies trades dead flat at 97.78 levels.
Meanwhile, traders now await US labour report for fresh direction on gold prices. The highly anticipated report on US non-farm payrolls will be released today, with forecasts pointing to 245,000 new jobs were added to the US economy in March, a modest slowdown from the gain of 295,000 a month before. The unemployment rate is expected to stay unchanged at 5.5%.
Gold Technical Levels
The metal has an immediate resistance at 1207.40 and 1212 levels. Meanwhile, support stands at 1200 levels below which doors could open for 1195 levels.
Gold slips on profit-taking
Currently, gold trades flat at 1202.60 levels, recovering session lows reached at 1194.80. Gold prices remain almost unchanged as traders seem cautious ahead of US non-farm payrolls figures and resorted to profit-taking on their long positions after the recent rally beyond 1200 levels. The US dollar index which measures the relative strength of the greenback against a basket of six major currencies trades dead flat at 97.78 levels.
Meanwhile, traders now await US labour report for fresh direction on gold prices. The highly anticipated report on US non-farm payrolls will be released today, with forecasts pointing to 245,000 new jobs were added to the US economy in March, a modest slowdown from the gain of 295,000 a month before. The unemployment rate is expected to stay unchanged at 5.5%.
Gold Technical Levels
The metal has an immediate resistance at 1207.40 and 1212 levels. Meanwhile, support stands at 1200 levels below which doors could open for 1195 levels.