Gold wavers ahead of the ADP report in the US
London (Mar 4) Gold prices swing in a narrow range ahead of the data released by the Automatic Data Processing, Inc (ADP) in the US, which could show the pace of job additions in the US increased in February.
Gold: Gains capped at hourly 200-MA
The metal is struggling to rise above the hourly 200-MA located at USD 1207.19/Oz levels. Meanwhile, losses are being capped around USD 1201 levels. Moreover, investors are likely to stay on the sidelines ahead of the ADP employment report in the US, which is expected to show the US economy added 219K jobs in February, compared to the 213K additions seen in January. A better-than-expected ADP report could weaken the yellow metal.
Gold Technical Levels
The metal currently trades at USD 1204. The immediate support is seen at 1200, under which losses could be extended to 1190.00 levels. On the other hand, a break above the resistance at 1207.19 (hourly 200-MA) could push the prices higher to 1210.40 (hourly 100-MA).