5 Jun 2015
Gold recovers from a session low of USD 1162.5/Oz
FXStreet (Mumbai) - Gold prices recovered from the session low of USD 1162.5/Oz to trade at USD 1168/Oz levels on the back of a slight correction in the USD index ahead of the weekend.
Gold hurt by increased rate hike bets
The yellow metal is hurt by the rise in the rate hike bets in the US post the release of a stellar monthly jobs report. Markets now expect the rate hike to happen in September, compared to the December rate hike expectations going into the non-farm payrolls report. Consequently, Gold dropped to a fresh ten-week low of USD 1162.5/Oz levels.
However, profit taking in the USD index ahead of the weekend helped the metal recover slightly to trade at USD 1168/Oz levels. The USD index has given back part of its gains from the high of 96.95 to trade at 69.59.
Gold Technical Levels
The metal currently trades at USD 1168/Oz; down 0.62%. The immediate support is seen at 1160.00, under which losses could be extended to 1142.6 (Mar. 17 low). On the other hand, a break above 1169.6 (May. 1 low) could see the metal re-test its 5-DMA currently located at 1182.58.
Gold hurt by increased rate hike bets
The yellow metal is hurt by the rise in the rate hike bets in the US post the release of a stellar monthly jobs report. Markets now expect the rate hike to happen in September, compared to the December rate hike expectations going into the non-farm payrolls report. Consequently, Gold dropped to a fresh ten-week low of USD 1162.5/Oz levels.
However, profit taking in the USD index ahead of the weekend helped the metal recover slightly to trade at USD 1168/Oz levels. The USD index has given back part of its gains from the high of 96.95 to trade at 69.59.
Gold Technical Levels
The metal currently trades at USD 1168/Oz; down 0.62%. The immediate support is seen at 1160.00, under which losses could be extended to 1142.6 (Mar. 17 low). On the other hand, a break above 1169.6 (May. 1 low) could see the metal re-test its 5-DMA currently located at 1182.58.