OctaFX | OctaFX Forex Broker
Open trading account

Gold trades flat ahead of non-farm payrolls

FXStreet (Mumbai) - Gold prices advanced on Thursday on a sharp drop in the USD, but trade lacklustre today ahead of the non-farm payrolls report.

Stuck between key MAs

At USD 1060, the prices are stuck between the hourly 100-MA and hourly 50-MA located at 1061.90 and 1057.84. The USD index advanced 0.45% in Europe, which is capping gains in the metal. Meanwhile, a 0.40% drop in the pan-European Euro Stoxx 600 index is restricting losses.

A major move could be seen later today in the US non-farm payrolls for November trigger a major adjustment in the December rate hike bets.

Gold Technical Levels

The immediate resistance is seen at 1061.90 (hourly 100-MA), above which the gains could be extended to 1065.99 (hourly 200-MA). On the other side, a break below 1057.84 (hourly 50-MA) would expose 1050.50 (Dec 2 low).

EUR/GBP heavy, flirts with 0.7200

The cross in the EUR/GBP failed once again at higher levels and dropped below 0.72 handle, before trimming losses to now trade just ahead of the last.
Read more Previous

GBP/USD retakes 1.5100 and above

The sterling has recovered the 1.5100 handle vs. the greenback at the end of the week, with GBP/USD currently testing the 1.5120/25 handle...
Read more Next
Start livechat