FXStreet (Mumbai) – Gold prices advanced on Thursday on a sharp drop in the USD, but trade lacklustre today ahead of the non-farm payrolls report.
Stuck between key MAs
At USD 1060, the prices are stuck between the hourly 100-MA and hourly 50-MA located at 1061.90 and 1057.84. The USD index advanced 0.45% in Europe, which is capping gains in the metal. Meanwhile, a 0.40% drop in the pan-European Euro Stoxx 600 index is restricting losses.
A major move could be seen later today in the US non-farm payrolls for November trigger a major adjustment in the December rate hike bets.
Gold Technical Levels
The immediate resistance is seen at 1061.90 (hourly 100-MA), above which the gains could be extended to 1065.99 (hourly 200-MA). On the other side, a break below 1057.84 (hourly 50-MA) would expose 1050.50 (Dec 2 low).
(Market News Provided by FXstreet)