4 Nov 2015
Gold fails to sustain above key Fib
FXStreet (Mumbai) - Gold prices witnessed moderate strength after 5-day losing streak, but failed to sustain above USD 1120.68 (61.8% of July low-Oct high).
Awaits US data
Traders await the US ADP October private sector employment report, which will be followed by the US ISM non-manufacturing report. Moreover, the traders would be interested to see if the service sector added more jobs in October.
At the moment, the metal is trading around USD 1118.36/Oz levels. The USD index advanced in Europe, which appears to have capped the upside in the metal.
Gold Technical Levels
The immediate resistance is seen at USD 1120.68 (61.8% of July low-Oct high), above which the gains could be extended to 1128.65 (hourly 50-MA). On the other side, support is seen at 1114.41 (previous day’s low) and 1100 levels.
Awaits US data
Traders await the US ADP October private sector employment report, which will be followed by the US ISM non-manufacturing report. Moreover, the traders would be interested to see if the service sector added more jobs in October.
At the moment, the metal is trading around USD 1118.36/Oz levels. The USD index advanced in Europe, which appears to have capped the upside in the metal.
Gold Technical Levels
The immediate resistance is seen at USD 1120.68 (61.8% of July low-Oct high), above which the gains could be extended to 1128.65 (hourly 50-MA). On the other side, support is seen at 1114.41 (previous day’s low) and 1100 levels.