FxWirePro: Gold trades higher, market eyes US Non-farm roll
Gold has shown a good jump of almost $13 yesterday from low of $1337. The yellow metal is consolidating for the past 12 hours between $1346.80 and $1350.80. US dollar index is still trading weak after making a high of 89…
Gold has shown a good jump of almost $13 yesterday from low of $1337. The yellow metal is consolidating for the past 12 hours between $1346.80 and $1350.80. US dollar index is still trading weak after making a high of 89.64. Gold is currently trading around $1347.23.
Market eyes US Nonfarm payroll data for further direction. US economy is expected to add 181000 jobs for the month of Feb compared to previous 148000. The unemployment rate is forecasted to remain at 4.1% and average earnings is expected to rise 0.3% month- month.
The near term support is at $1332 (20- day MA) and any violation below will drag the metal to next level till $1320/$1316.50 .Major weakness below $1330.
On the higher side near term resistance is around $1357 and break above targets $1366. Bullish continuation only above $1365.
It is good to buy on dips around $1335-37 with SL around $1330 for the TP of $1347/$1355.
