Gold
Gold price tested 1267$ and bounced back to test 1272$ from lows. I updated a major base support at 1266$ in my last gold report. Xauusd respected that support pretty closely and bounced back from lows. Since bouncing from lows gold is trading in a narrow range. I believe market is waiting for non farm payroll numbers which are due in next 6 hours. We will have clear trend after Non farm and Unemployment rate from US today. These numbers are crucial as bad job numbers may drive dow jones and dollar index down and may push gold price higher. However better than expected number may drive gold price to a new yearly lows and we may see fresh selling after that.
If we break 1266$ low and xauusd manage to close below 1266$ then we may see fresh round of selling from next week which may drive gold prices to nearly 1200$ odd zone. Nearly 5-6% movement from here not ruled out if xauusd break and close below 1266$. I will cover this further in my weekly technical analysis.
Currently gold price trading at 1272$. Good support in this precious metal stands at 1266$. If traders break and sustain below 1266$. Then expect intraday fall in gold till 1260$- 1252$.
Resistance inintraday gold chart stands at 1282$. If traders break and sustain above 1282$. Then expect good rise in this precious metal till 1290$- 1299$.
Conclusion: Precious metals trend is flat to weak for now but main trend setter would be US data in evening. If you are holding any position then try to exit before data. If you are unable to exit then place strict stop loss in your position.
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