FxWirePro: Gold consolidates in narrow range , market eyes US NFP

Gold has once again declined after hitting high of $1340 and it is consolidating in narrow range. Markets eye US Non farm payroll data for further direction. US economy is expected to add 180k jobs compared to previous month 263K and unemployment rate at 3.6%.The wage growth is to increase to 0.3% from 0.2%.

US Dollar Index -Trend weak. US Dollar index has once again declined after a jump till 97.37. Short term term trend is weak as long as resistance 97.42.It is currently trading around 97.08.

US 10 year yield- Overall trend negative. It is trading in narrow range after a minor jump of 4%.It was trading extremely weak for past one month. It is currently trading around 2.125%.

S&P500: Short term trend - Bullish.It has jumped more than 3.5% in pat three days on rate cut hopes and US-Mexico trade optimism.  

On the higher side, near term resistance is around $1346 and any violation above will take the yellow metal to next level till $1360/$1370.

The near term support is around $1325 (23.6% fib) and any break below confirms minor weakness a dip till $1318/$1314 (5- day MA). Any major weakness only below $1298.

It is good to buy on dips around $1325-26 with SL around $1318 for the TP of $1345/$1350.