Gold prices
recovered losses in the US session after a batch of weak US data, but gains
remained muted ahead of Friday’s non-farm payrolls.
Rejected at
USD 1110/Oz
Prices recovered from USD 1106/Oz to trade, but
failed to sustain above USD 1110/Oz levels on account of a a rise in the weekly
US jobless claims and weaker wages. Moreover, the gains remained capped due to
the resilience in the USD index despite weaker data.
The next major
trigger comes in the form of a US non-farm payrolls report due for release
tomorrow. The data could significantly alter the Fed rate hike bets and
influence the yellow metal.
Gold Technical
Levels
At USD 1108/Oz, the immediate support is seen at 1106.41
(previous day’s low), which is followed by a psychological support at 1100. On
the other side, resistance stands at 1114.41 (Tuesday’s low) and 1120.60 (61.8%
of July low-Oct high).
