Gold has shown a massive sell-off of more than $20 after better than expected US Non-Farm Payroll data. US economy has added 224k jobs in the month of Jun compared to an estimate of 162K and earnings came at 0.2% compared to estimate 0.3%. The decent jobs report has decreased the hopes of rate cuts by the Fed in Jul. The yellow metal hits low of $1390.76 and is currently trading around $1391.
Major support to be watched -$1380-81 (Jul 2nd low and 20- day MA) and any minor weakness only below that level. Any break below that level targets $1374 (23.6% fib of $1159 and $1440)/$1365.
Resistance -The yellow metal is facing strong resistance around $1415 and any break above targets $1425. Bullish continuation only above $1440.
Additional Levels
$1347 Low made after Fed policy
$1339- Jun 18th low
$1332 - Jun 17th low
$1320 Jun 11th low
