OctaFX | OctaFX Forex Broker
Open trading account
Back

Gold recovers losses, snaps four-day losing streak

FXStreet (Mumbai) - Gold prices recovered losses and is working hard to turn positive in the early US session after the US jobless claims rose more than expected.

Awaits US manufacturing data

The US ISM and Markit manufacturing reports are due for release later today. The metal traders would be more interested to see if the employment in the manufacturing sector strengthened in September.

The metal has been on a losing trend after having failed to take out its 100-DMA last week. The better-than-expected ADP employment report released on Wednesday also added to the bearish pressure on the metal. Consequently, the prices hit a low of USD 1110.80/Oz levels, before rising to a high of USD 1117.21 levels in the US session.

Apart from the US data, the sentiment on the Wall Street could also affect the metal.

Gold Technical Levels

The metal currently trades at USD 1115.20/Oz levels. The immediate support is seen at 1111.30 (previous day’s low), under which the losses could be extended to 1100. On the other side, resistance is seen at 1117.21 (daily high) and 1121.20 (Sep 23 low).

USDJPY: Ready for a breakout – TDS

Research Team at TDS, suggest that as USDJPY continues to coil within an increasingly tight trading range around 120, the data setup over the next 24 hours provides a strong potential catalyst for a break.
Read more Previous

AUD/NZD expected to re-test 1.1400 – Westpac

In the view of Sean Callow, Strategist at Westpac, the Antipodean benchmark could return to the 1.1400 handle in the medium term...
Read more Next
Start livechat