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Gold rallies ahead of US NFP job data

  • Pair is currently supported above $1260 and trading around $1262 levels. 

  • It made intraday high at $1263 and low at $1255 levels. 

  • Overnight pair made high at $1268 levels just ahead of US NFP job results. 
  • Intraday bias remains bullish for the moment.

  • Immediate resistance levels falls at $1268, $1281, $1296 and $1305 thereafter.

  • Alternatively, reversal from $1268 will drag the pair below $1250.

  • Initial support levels are seen at $1252, $1237 and $1224 marks.

  • Important to note here that, on the top side breaks of today's high ($1263.95) is required for the further rally.

  • The key event for the day is NFP job results. NFP data is expected to show job growth at 195,000 last month, up on the yet-to-be revised January figure of 151,000.

We prefer to take long position in XAU/USD around $1257-59, stop loss $1239 and target $1281/$1296 levels.

 

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