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Gold gains after payrolls in the US rise less-than-expected.

FXStreet (Mumbai) - Gold prices have inched higher after the official data in the US showed the economy added less jobs than expected in October, while the unemployment rate fell to a six-year low of 5.8%.

Gold advanced 1.17% to USD 1156/Oz levels after Nonfarm payroll (nfp) in the US showed Employers added 214,000 new jobs to their payrolls last month, compared to the expectation of 235,000 new jobs additions. Overall the job growth has stayed above 200,000 in each of the last nine months, which is considered by analysts as sufficient strength to keep the economy on a higher growth path. Despite this Gold has rallied as the metal was oversold while the US Dollar was overbought against the basket of currencies.

Gold Technical levels

Gold has an immediate resistance at 1160, above which the prices can rise to 1170 levels. Meanwhile, the metal has a strong support at 1144, under which prices can fall to 1137 levels.

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