Gold was offered again at USD 1157.23 (76.4% of Oct high-Dec low), but the bulls remain on control after taking metal way above the weekly 50-MA for the first time after October.
Awaits US data
The metal now awaits the US non-farm payrolls data, which is expected to show the pace of jobs growth slowed in January. Markets will also keep an eye on the possible revisions in the December’s figure.
The latest gold rally is largely due to speculation the Fed may have to delay its rate hike due to financial market turmoil and economic slowdown. As of now, the CME fed fund futures data shows the markets do now expect another rate hike to happen in 2016.
Gold Technical Levels
The yellow metal currently trades around USD 1154/Oz levels. A break above the immediate resistance at 1157.23 (76.4% of Oct high-Dec low), above which the prices could have a go at a major hurdle at 1169.99 (Aug 25 high). On the other hand, a break below hourly 50-MA at 1144.51 could see prices drop to 1136.00 (61.8% of Oct high-Dec low).
(Market News Provided by FXstreet)
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