FXStreet (Mumbai) – Gold, as a hard currency, remains relatively resilient in the face of rising USD and treasury yields following an upbeat NFP report.
Hovers around hourly 200-MA
The metal currently trades around the hourly 200-MA located at USD 1065.86 levels. Other majors notably, the EUR and the GBP fell more than 30 odd pips following the NFP release. Gold, on the other hand, managed to stay around USD 1062; largely unchanged on the day.
At the moment, a weekly gain or loss probability is 50-50, since prices hover near the weekly opening rate. If the investors chose to square off the USD long positions heading into the weekend, a weekly gain for Gold appears likely.
Gold Technical Levels
The immediate resistance is seen at 1076.77 (July 24 low), above which the metal could target 1080.02 (July 31 low). On the other side, a failure to sustain above the hourly 200-MA at 1065.86 could expose 1052.80 (Nov 27 low).
(Market News Provided by FXstreet)