Gold retreats from one-month high, eyeing NFP for fresh impetus

Haresh Menghani FXStreet

Gold traded lower on Friday as investors remain focused on today's monthly jobs data from the US, which would provide fresh clues over the Fed rate-hike path in 2017.

Currently trading around $1175 region, broad based greenback recovery, with the key US Dollar Index moving away from three-week low, and has been the key factor collaborating to the precious metal's retracement from the highest level since Dec. 5, touched in the previous session.

On Thursday, persistent selling pressure around the greenback, in wake of less hawkish Fed minutes, supported the yellow metal's recovery trend for the third consecutive session and lifted it to a five-week high.

Moving ahead, today's NFP data from the US would influence investors’ expectations over the Fed's monetary policy stance in 2017 and set the tone for the greenback's near-term price action, which would eventually provide fresh impetus for dollar-denominated commodities - like gold.

Technical levels to watch

Immediate support on the downside is pegged near $1170 level below which the commodity is likely to head back towards $1160-58 support area ahead of $1150 strong horizontal support. On the flip side, $1180 level now becomes immediate hurdle, which if cleared has the potential to lift the metal beyond multi-week high resistance near $1185 area, towards 50-day SMA resistance near $1195 region.

1. R3 1212.15
2. R2 1198.56
3. R1 1189.38
PP 1175.79
1. S1 1166.61
2. S2 1153.02
3. S3 1143.84

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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