FXStreet (Mumbai) – Gold prices have extended losses to trade at USD 1159/Oz levels as investors expect the US payrolls report to show the labor market continued to strengthen in June.
Focus on NFP, average hourly earnings
Apart from the NFP number (expected 230K), the investors would watch out for the average hourly earnings, which are expected to have increased 0.2% month-on-month in June.
The decline in the Gold is in line with the decline in the US Treasuries, which have declined on the expectations of a September rate hike in the US. A major adjustment in the positioning could be seen depending as the US markets remain closed on Friday.
Gold Technical Levels
The immediate support is located at 1158, under which losses could be extended to 1147.6 (Mar 11 low). On the flip side, a break above 1168.6 (June 26 low) could see the metal re-test 1175.00.
(Market News Provided by FXstreet)