On Friday gold for delivery in April traded within the range of $1,250.90-$1,279.90. Futures closed at $1,269.90, surging 0.99% on a daily basis. It has been the 16th gain in the past 25 trading days and also a third consecutive one. The daily high has been the highest price level since February 3rd 2015, when the commodity recorded a high of $1,284.70 per troy ounce. In weekly terms, gold added 4.11% to its value last week, while marking its sixth gain in the past nine weeks. The precious metal has advanced 2.59% so far during the current month, following a 10.52% surge in February.
On the Comex division of the New York Mercantile Exchange, gold futures for delivery in April were edging down 0.33% on Monday to trade at $1,266.40 per troy ounce. The precious metal went down as low as $1,257.70 during the early phase of the Asian trading session, while the current daily high was at $1,269.40 per troy ounce, recorded during early Asian trade as well.
On Friday the yellow metal soared to fresh 13-month highs, following the release of mixed data out of the United States. The Department of Labor said US employers in all sectors of the economy, with the exception of farming, added 242 000 new jobs in February, following a revised up 172 000 job positions added in January (151 000 previously). The rate of unemployment in the country remained at 4.9% for a second consecutive month in February, while matching the median forecast by analysts. However, the average earnings per hour recorded an unexpected 0.1% drop in February, following a 0.5% surge in January, or the steepest monthly increase since January 2015. Februarys drop in earnings, on the other hand, has been the first one since December 2014. The data string urged market players to scale back their expectations regarding the future hike in borrowing costs by the Federal Reserve, while bolstering the appeal for haven assets such as gold.
The FOMC will hold a meeting next on March 15th-16th.
Meanwhile, silver futures for delivery in March were losing 0.55% on the day to trade at $15.595 per troy ounce, after going down as low as $15.485 during early Asian trade.
Daily and Weekly Pivot Levels
By employing the traditional calculation method, the daily pivot levels for gold are presented as follows:
Central Pivot Point – $1,266.90
R1 – $1,282.90
R2 – $1,295.90
R3 – $1,311.90
S1 – $1,253.90
S2 – $1,237.90
S3 – $1,224.90
By using the traditional method of calculation again, the weekly pivot levels for gold are presented as follows:
Central Pivot Point – $1,256.13
R1 – $1,293.67
R2 – $1,317.43
R3 – $1,354.97
S1 – $1,232.37
S2 – $1,194.83
S3 – $1,171.07
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