3 Dec 2014
Gold gains marginally after ADP miss
FXStreet (Mumbai) - Gold prices moved marginally higher after the ADP employment report showed a slowdown in the job additions in November.
Gold now trades at USD 12064.70/Oz levels, slightly higher than the pre-data level of USD 1202.70/Oz. The yellow metal was pushed higher by the ADP reported which printed at 208K, lower than the market expectation of 222K. The ADP number stood at 230K in October. The gains in the yellow metal are not significant and may be erased since the US dollar as well as the Treasury yields have not reacted significantly to the weaker-than-expected data.
Gold Technical Levels
Gold has an immediate resistance located at 1208, above which prices may extend gains to 1221.00 levels. Meanwhile, support is seen at 1200.00 (50-DMA) and 1191.80 levels.
Gold now trades at USD 12064.70/Oz levels, slightly higher than the pre-data level of USD 1202.70/Oz. The yellow metal was pushed higher by the ADP reported which printed at 208K, lower than the market expectation of 222K. The ADP number stood at 230K in October. The gains in the yellow metal are not significant and may be erased since the US dollar as well as the Treasury yields have not reacted significantly to the weaker-than-expected data.
Gold Technical Levels
Gold has an immediate resistance located at 1208, above which prices may extend gains to 1221.00 levels. Meanwhile, support is seen at 1200.00 (50-DMA) and 1191.80 levels.