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26 Feb 2015
Gold awaits US data
FXStreet (Mumbai) - Gold prices trade flat around USD 1219/OZ levels; up 1.4% for the day ahead of the first tier data - consumer prices, durable goods and jobless claims – due for release in the US later today.
Gold to focus on CPI and weekly jobless claims
The investors are likely to remain focused on the US CPI data and weekly jobless claims data in the US, while the Durable goods data is likely to take a back seat. The CPI in January is seen falling 0.1% year-on-year, while the Initial jobless claims are seen at 290K for the week ended Feb. 21. Moreover, the price pressures in the economy and labor market indicators are watched out by the Fed policy makers. Hence Gold could see volatility after the release of the data sets.
Gold Technical Levels
The immediate resistance is seen at 1219.60, above which gains could be extended to 1237.88 (200-DMA). On the flip side, failure to rise above 1219.60 could push the metal back to 1213.97 (10-DMA).
Gold to focus on CPI and weekly jobless claims
The investors are likely to remain focused on the US CPI data and weekly jobless claims data in the US, while the Durable goods data is likely to take a back seat. The CPI in January is seen falling 0.1% year-on-year, while the Initial jobless claims are seen at 290K for the week ended Feb. 21. Moreover, the price pressures in the economy and labor market indicators are watched out by the Fed policy makers. Hence Gold could see volatility after the release of the data sets.
Gold Technical Levels
The immediate resistance is seen at 1219.60, above which gains could be extended to 1237.88 (200-DMA). On the flip side, failure to rise above 1219.60 could push the metal back to 1213.97 (10-DMA).