Gold price rose on concerns over labor market. Yesterday ADP nonfarm payroll data came in at below estimates. The US economy added 139,000 private sector jobs in February, well below the average over the last 12 months. Small businesses added 59,000 jobs, while medium businesses increased employment by 35,000 and large businesses created approximately 44,000 jobs. US service sector data was below expectations. The institute for Supply Management yesterday said that its service sector index fell to 51.6 from 54 in January. The US dollar has softened by these two weak releases.Traders' eyes are on Thursday's unemployment claims and Friday's non-farm employment change. Job numbers will act as the key indicators for further trading session in this week.
Technical view-
Bullish view
· Trading above $1,335.0
· RSI bullish in hourly chart
· Break out above $1,341.5
· Price trading above the moving averages 21,40,50 AND 200
Bearish view-
· Oscillators still in sell mode -daily chart
· Stiff resistance at $1,341.5,$1,347.0 and $1,355.0
· Neckline resistance at $1,355.0- weekly chart
· Sell on rallies until a day close above $1,361.0
· Break below $1,335.0 last hope for bulls at $1,332.0
Break below $1,332.0 free fall up to $1,329, $1,322.0, $1,318.0 and $1,297.0
Intraday
S1 $1,335.0 R1 $1,341.5
S2 $1,332.0 R2 $1,347.0
S3 $1329.0 R3 $1,351.0
Positional
S1 $1,329.0 R1 $1,347.0
S2 $1,318.0 R2 $1,355.0
S3 $1,295.0.0 R3 $1,361.0
The material has been provided by InstaForex Company - www.instaforex.com
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