5 Dec 2014
Gold falls below USD 1200 on stellar US jobs report
FXStreet (Mumbai) - Gold prices fell below the 50-DMA located at USD 1200/Oz levels after the monthly jobs data released in the US showed economy added 321K jobs, blowing past the market expectation of 230K.
Gold now trades 1.22% lower at USD 1193.00/Oz levels. The yellow metal declined as the monthly job additions were far higher-than-expected. Consequently, the Ten-year Treasury yield in the US is up 6 basis points at 2.317%. Meanwhile, the US dollar index is not up 0.72% at 89.31 levels.
The yellow metal is likely to extend losses as the strong employment number is likely to increase bets of a sooner-than-expected rate hikes in the US.
Gold Technical Levels
Gold has an immediate support at 1190.00, under which losses could be extended to 1185.00 levels. Meanwhile, resistance is seen at the 50-DMA level located at 1200.00 and 1207.00 levels.
Gold now trades 1.22% lower at USD 1193.00/Oz levels. The yellow metal declined as the monthly job additions were far higher-than-expected. Consequently, the Ten-year Treasury yield in the US is up 6 basis points at 2.317%. Meanwhile, the US dollar index is not up 0.72% at 89.31 levels.
The yellow metal is likely to extend losses as the strong employment number is likely to increase bets of a sooner-than-expected rate hikes in the US.
Gold Technical Levels
Gold has an immediate support at 1190.00, under which losses could be extended to 1185.00 levels. Meanwhile, resistance is seen at the 50-DMA level located at 1200.00 and 1207.00 levels.