Gold declined till $1268.30 after release of US jobs data. US economy has added 263000 jobs in Apr compared to forecast of 181K and unemployment rate falls to 49 year low to 3.6%. But average hourly earnings came at 0.2% slight below estimate 0.3%.DXY has shown a minor decline due to slightly below forecast of wage growth. The yellow metal recovered till $1275.35 and is currently trading around $1273.850.
On the lower side, near term support is around $1266 and any violation below will take the yellow metal to next level till $1260/$1251.
The near term resistance is around $1278 and any break above confirms slight bullishness and a jump till $1282. Any break above $1282 confirms major intraday bullishness.
It is good to sell on rallies around $1275-76 with SL around $1282 for the TP of $1266/$1260.
