XAU/USD: Falls To Lowest Level In 3 Months
LiteForex Europe | Jul 03, 2015 08:10AM ET
Yesterday, the price of the pair XAU/USD fell to its lowest level in the last 3 months (1161.00) that was determined by investors’ expectations of the strong labor market data from the US.
Nevertheless, the data released was worse than expected. Non-farm Payrolls showed 223 K of new jobs instead of expected 230 K, and Initial Jobless Claims rose from 271 K to 281 K. Only unemployment level figure came out better than expected, having fallen to 5.3%. After the release, gold gained back all the losses incurred earlier and grew to 1166.29.
Today, markets are likely to remain calm, as it is an official holiday in the US. Market participants are waiting for the Sunday referendum in Greece.
Support levels: 1161.00 (lower MA of Bollinger Bands), 1156.52 (yesterday low), 1150.00 (psychologically important level), 1142.59 (17 March low).
Resistance levels: 1169.34 (yesterday high), 1175.35 (38.2% Fibonacci), 1181.00 (50% Fibonacci), 1188.24 (30 June high).
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