Gold price consolidates ahead of US data
London (Sept 4) Gold prices are trading in the sideways manner despite losses in the European equities, as investors prefer to stay on the sidelines ahead of the US non-farm payrolls report.
Weak US stocks ignored
Metal traders are ignoring the drop in the European stocks as the payrolls report due for release later today is widely touted as the one that shall make or break the probability of the Fed rate hike happening this year.
Consequently, wild moves could be witnessed post the release of the NFP figure. At the moment, gold is trading largely unchanged in the day around USD 1124.30/Oz.
Gold Technical Levels
The immediate support is seen at 1118.40 (Aug 27 low), under which the metal could drop to 1100 levels. On the other side, resistance is located at 1132.90 (Nov 2014 high) and 1115.00 levels.