FXStreet (Mumbai) – Gold futures on Comex faded a brief recovery seen on Thursday and fell back in to the negative territory in Asian trading today as the US dollar moderated the previous rally ahead of the big event tonight – non-farm employment change in the US.
Gold back below $ 1090
Currently, gold trades -0.19% lower at 1088, remaining at centre of the recent trading range. The yellow metal snapped previous rebound and turned back in the red as the US dollar remains broadly supported following above estimates US jobless claim released in the US last session.
Meanwhile, the US dollar index, a virtual gauge of greenback’s strength, now trades -0.10% higher at 97.88. A stronger greenback makes dollar-priced in gold more expensive to holders on other currencies.
Moreover, weaker Asian equities following negative close on the Wall street also failed to spur the demand for gold as a higher yielding asset as the focus now shifts back towards the most influential US macro data of this week, non-farm payrolls with a forecast of 225,000 added jobs after 223,000 in June.
Gold Technical Levels
The metal has an immediate resistance at 1090 and 1094.40 levels. Meanwhile, support stands at 1080 below which doors could open for 1073.70 levels
(Market News Provided by FXstreet)