Gold prices
weakened to near Tuesday’s low after the data in the US showed the private
sector jobs growth slowed less than expected in October.
Off
lows, but weak
The metal hit a low of USD 114.70, before
trimming losses to trade around USD 1116.50/Oz levels. The ADP
report in the US showed private sector added 182K jobs as opposed
to the expected figure of 180K. However, the previous month’s figure was revised
lower to 190K from 200K, which took a shine off the report.
Consequently, the metal managed to take back a part of its losses, but
still threatens to suffer losses for the fifth consecutive session. Next on tap
is US ISM non-manufacturing figure and Fed’s Yellen speech.
Gold
Technical Levels
The immediate resistance is seen at USD 1118.25
(61.8% of Jul-Oct rally), above which the prices could re-test 1132.25 (50% of
Jul-Oct rally). On the lower side, a break below Tuesday’s low at 1113.60 would
expose 1100 levels.
