- Gold hits highest in six weeks as U.S jobs data came weaker than expected. The yellow metal broken major resistance of $1274 high made on May 31st 2017. The yellow metal jumped almost $20 yesterday and is currently trading around $1280.
- U.S economy added 138k jobs in May compared to forecast of 185K but unemployment rate has fallen to 16- year low at 4.3%.
- In the daily chart, gold is trading slightly above 61.8% fibo and a slight jump till $1295 is possible.
- Technically gold is facing strong support at $1257 (21 EMA) and any close close below will drag the precious metal till $1245 (200 – MA)/$1241 (200 EMA). It should break below $1195 (Mar 10th 2017 low) for further weakness.
- On the higher side, any close above $1278 (61.8% retracement of $1375 and $1122) will take the commodity to next level till $1295.
It is good to buy on dips around $1270-$1272 with SL around $1257 for the TP of $1295/$1300.
