Gold Hovers Around 50-DMA
Gold hit a session low of $1208.91 following the release of a better-than-expected US ISM manufacturing PMI, before trimming losses to trade around $1212.51 levels.
Weekly gains erased
At $1213 levels, weekly gains in the metal stand erased. Prices clocked a high of $1244.12 on dovish Yellen. Given the strong US data released today, the odds of metal closing unchanged on the week or ending the week lower are high.
Next week, the focus is likely to be on China services PMI figure, US ISM non-manufacturing headline figure and employment sub index. Meanwhile, Fed speak and oil prices gyrations and the resulting impact on overall market sentiment could influence the metal as well.
Gold Technical Levels
The immediate support is seen at $1212.51 (50-DMA), under which prices could test $1200 support. A break lower would expose $1191.53 (Oct 15 high. Conversely, acceptance above $1244.12 (Mar 30 low) would open doors for a re-test of daily high of $1235.36 and $1240.41 (previous day’s high).
(Market News Provided by FXstreet)
