Gold trades lower, market awaits US NFP data for further direction
Major support - $1258 (200- day MA). Gold hits new three and a half month low yesterday on account of mounting Fed rate hike. It has broken 200- day MA and declined till $1249.50 yesterday. It is currently trading arou…
Gold hits new three and a half month low yesterday on account of mounting Fed rate hike. It has broken 200- day MA and declined till $1249.50 yesterday. It is currently trading around $1252.55.
Market awaits US Non-Farm-Payroll data on Friday for further direction.
Technically, gold breaks below 200- day MA and any close below confirms further weakness .The major support is around $1250 (38.2 %retracement of $1046 and $1375) and break below will drag the yellow metal further down till $1238/$1225.
On the higher side, resistance is around $1268 (3- day EMA) will take the yellow metal to $1280 (23.6% retracement of $1375.30 and $1249.6)/$1302 (9- day EMA). It should close above $1300 for further upside.
It is good to buy only above $1270 with SL around $1255 for the TP of $1300/$1310.
