Gold gained sharply after dismal US jobs data. It hit a high of $2521 at the time of writing and is currently trading around $2521.
US economy has added 142000 jobs in Aug, below the forecast of 162000. Unemployment rate came at 4.2% in line with an estimate of 4.2%. Average hourly earnings surged to 0.4% compared to a forecast of 0.30%.
The yellow metal is trading above 34 and 55 H EMA in the 4-hour chart ($2505 and $2502). The weakness can be seen only if it closes below $2470. A break below targets $2450 is possible.
US dollar index- It has lost its shine after dismal US jobs data. Any close below 100.60 confirms minor bearishness.
The yellow metal faces minor resistance around $2530 ,breach above will take it to the next level of $2550/$2569.
It is good to buy on dips around $2523-24 with SL around $2515 for a TP of $2550.
