6 Mar 2015
Gold trades below USD 1200
FXStreet (Mumbai) - Gold prices are trading below the USD 1200 mark ahead of the February Non-farm payrolls (NFP) report in the US.
Gold: Trades below key fib level
Prices are trading slightly below the 61.8% Fib retracement level of 1132-1307.3 located at USD 1199. The yellow metal is under pressure since the USD has been bought aggressively throughout the week ahead of today’s NFP report. Meanwhile, the metal could extend the drop if the European equity markets extend the gains seen in the previous session.
Gold Technical Levels
The immediate support is seen at 1190, under which losses could be restricted at 1186.3-1184 levels. On the flip side, a rise above 1205, could see the metal re-test 1217.04 (100-DMA) levels.
Gold: Trades below key fib level
Prices are trading slightly below the 61.8% Fib retracement level of 1132-1307.3 located at USD 1199. The yellow metal is under pressure since the USD has been bought aggressively throughout the week ahead of today’s NFP report. Meanwhile, the metal could extend the drop if the European equity markets extend the gains seen in the previous session.
Gold Technical Levels
The immediate support is seen at 1190, under which losses could be restricted at 1186.3-1184 levels. On the flip side, a rise above 1205, could see the metal re-test 1217.04 (100-DMA) levels.