Gold is consolidating after hitting 4- month low of $1243.80 on Dec 7th 2017. The yellow metal shown a minor jump till $1252 but better than expected US non-farm payroll has dragged gold price. It is currently trading ar…
Gold is consolidating after hitting 4- month low of $1243.80 on Dec 7th 2017. The yellow metal shown a minor jump till $1252 but better than expected US non-farm payroll has dragged gold price. It is currently trading around $1248.61.
The US economy has added 228k new jobs in Nov compared to forecast of 198k and unemployment rate was unchanged at 4.1%. The average hourly earnings rose 0.2% last month compared to 0.1% decline in Sep.
US Dollar index has jumped till 93.92 and is consolidating around that level. It should break above 94.20 (61.8% retracement) for further bullishness. Any break above will take the index till 94.60/95.19. The pair is facing support around 93.40 and any break below will take the index to next level till 93/92.50.
Technically gold is facing near term resistance around $1260 (233- day MA and support turned into resistance) and any break above will take the pair to next level till $1269 (200- day EMA)/$1278 (61.8% retracement of $1299 and $1243.13).
Gold’s near term support is around $1243 and break below will drag the commodity down till $1237/$1232 (61.8% fibo).
It is good to buy on dips around $1240-42 with SL around $1232 for the TP of $1259/$1269.
