- Gold has shown a good recovery from the low of $1312.70 after US jobs data. US economy has added 313K jobs for the month of Feb highest in 1-1/2 years compared to forecast of 205K. But wage growth slows down to 0.1% compared to forecast of 0.3%. US dollar declined slightly till 89.97 from the Friday’s high of 90.36 and is trading at 90.05.
- The yellow metal has taken support near trend line support at $1309 and shown a $13 jump. Any decline below $1309 will confirm minor decline and a dip till $1305/$1300 likely. Any violation below $1299 will drag the gold till $1288 (200- day MA).
- The near term resistance is around $1330 (50- day MA) and any break above will take the yellow metal till ay $1341/$1348/$1355. Overall bullish continuation only above $1366.
It is good to buy on dips $1318-20 with SL around $1312 for the TP of $1330/$1336. .
