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FxWirePro: Gold recovers sharply on weak US jobs data, good to buy on dips

  • Gold has shown a good $15 recovery on Friday as US jobs data came slightly weaker than expected. The yellow metal hits high of $1335.29 from the low of $1319.40. The slight decline in yellow metal is considered as buying opportunity by traders as trade war tension between US and China increases demand for safe haven. US economy has added 103K jobs for the month of Mar compared to forecast of 193K.
     
  • US dollar index has shown a slight decline after hitting high of 90.60. The index is facing strong resistance at 90.93 and any break above confirms minor jump till 91.75.
     
  • The yellow metal is facing major intraday resistance at $1336 (200- H MA) and any minor bullishness only above that level. Any break above $1336 will take the gold till $1341/$1347. Overall bullish continuation only above $1362.
     
  • On the lower side, near term support is around $1328 (20- day MA) and any break below will drag the yellow metal down till $1319/$1309.

It is good to buy on dips around $1324-25 with SL around $1318 for the TP of $1337/$1346.

 

 

 

 

 

 

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