Back
6 Feb 2015
Gold posts fresh session highs, USD 1270 eyed
FXStreet (Mumbai) - Gold prices on Comex rallied to fresh session highs, snapping losses from the previous session. However, gold prices are poised to record biggest weekly loss in almost two months.
Rises from 1262.50 levels
Currently, gold trades higher by 0.40% at 1267.70 levels, having posted fresh daily highs at 1268.60 levels some minutes ago. Gold prices edged higher after a brief correction seen yesterday as traders closely watch Greece debt negotiations which is likely to support gold prices.
However, traders remained reluctant to make big bets ahead of the week's most important US NFP data that will help to steer expectations for the US rate policy.
Payrolls are expected to rise 230,000 in January, marking a 12th month in a row of robust hiring. With the jobless rate expected to come in at 5.6%.
Gold Technical Levels
The metal has an immediate resistance at 1272 and 1276 levels. Meanwhile, support stands at 1257 levels below which doors could open for 1251 levels.
Rises from 1262.50 levels
Currently, gold trades higher by 0.40% at 1267.70 levels, having posted fresh daily highs at 1268.60 levels some minutes ago. Gold prices edged higher after a brief correction seen yesterday as traders closely watch Greece debt negotiations which is likely to support gold prices.
However, traders remained reluctant to make big bets ahead of the week's most important US NFP data that will help to steer expectations for the US rate policy.
Payrolls are expected to rise 230,000 in January, marking a 12th month in a row of robust hiring. With the jobless rate expected to come in at 5.6%.
Gold Technical Levels
The metal has an immediate resistance at 1272 and 1276 levels. Meanwhile, support stands at 1257 levels below which doors could open for 1251 levels.