Gold price motionless ahead of payrolls data
New York (Sept 4) Gold prices remained immobile throughout the European session as investors await the all important US monthly non-farm payrolls report.
Second weekly loss?
The metal is trading in the losses when compared to the last week’s closing of USD 1133.10/Oz. Whether or not the metal would remain in the red or recover to post weekly gains is largely dependent on the quality of the payrolls figure.
Markets believe a print above 200K may be enough to boost the rate hike expectations. Moreover, August usually produces weak NFP figures (seasonal weakness). Consequently, a print above 200 could be cheered by investors by sending treasury yields higher and gold lower.
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.