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1 Apr 2015
Gold rises above USD 1190/Oz levels
FXStreet (Mumbai) - Gold prices shot higher to USD 1194.1/Oz levels after the ADP report in the US showed private sector activity added far less jobs in March than estimated.
Trades above hourly 200-MA
Prices rose above hourly 200-MA at USD 1190.40 after the ADP report showed the private sector in the US added 189,000 jobs in March, missing the expected figure of 225,000 by a wide margin. The USD index fell 0.21% to 98.50 levels, while the US 10-year Treasury yields fell sharply to 1.88. Consequently, the yellow metal shot higher along with the other interest rate hike sensitive assets.
The metal also finds support from the weakness in the major US index futures. A weaker-than-expected US manufacturing PMI report could drive Gold prices closer to the USD 1200 mark.
Gold Technical Levels
At the moment, the metal is trading at USD 1192.50/Oz levels, up 0.79% for the day. The immediate resistance is seen at 1195.5, above which prices can rise to 1200. On the flip side, a break below 1190.40 (hourly 200-MA) could drive the prices lower to 1187 levels.
Trades above hourly 200-MA
Prices rose above hourly 200-MA at USD 1190.40 after the ADP report showed the private sector in the US added 189,000 jobs in March, missing the expected figure of 225,000 by a wide margin. The USD index fell 0.21% to 98.50 levels, while the US 10-year Treasury yields fell sharply to 1.88. Consequently, the yellow metal shot higher along with the other interest rate hike sensitive assets.
The metal also finds support from the weakness in the major US index futures. A weaker-than-expected US manufacturing PMI report could drive Gold prices closer to the USD 1200 mark.
Gold Technical Levels
At the moment, the metal is trading at USD 1192.50/Oz levels, up 0.79% for the day. The immediate resistance is seen at 1195.5, above which prices can rise to 1200. On the flip side, a break below 1190.40 (hourly 200-MA) could drive the prices lower to 1187 levels.