FXStreet (Mumbai) – Gold prices recovered losses and is working hard to turn positive in the early US session after the US jobless claims rose more than expected.

Awaits US manufacturing data

The US ISM and Markit manufacturing reports are due for release later today. The metal traders would be more interested to see if the employment in the manufacturing sector strengthened in September.

The metal has been on a losing trend after having failed to take out its 100-DMA last week. The better-than-expected ADP employment report released on Wednesday also added to the bearish pressure on the metal. Consequently, the prices hit a low of USD 1110.80/Oz levels, before rising to a high of USD 1117.21 levels in the US session.

Apart from the US data, the sentiment on the Wall Street could also affect the metal.

Gold Technical Levels

The metal currently trades at USD 1115.20/Oz levels. The immediate support is seen at 1111.30 (previous day’s low), under which the losses could be extended to 1100. On the other side, resistance is seen at 1117.21 (daily high) and 1121.20 (Sep 23 low).

Gold prices recovered losses and is working hard to turn positive in the early US session after the US jobless claims rose more than expected.

(Market News Provided by FXstreet)

By FXOpen