Gold trades higher on weak US Jobs data,good to buy at dips
Major resistance - $1243
Gold hits two- week high on Friday on account of weaker than expected US Non-farm payroll data.
Bullion jumped 2.8% on Friday, its highest percentage gain since Feb 11.
U.S economy has added only 38k jobs in the month of May, lowest number since 5-1/2 years.
Technically gold has broken major resistance $1243 and jumped till $1248 at the time of writing .It is currently trading around $1242.
Gold is slightly bullish but market awaits Fed Chairman Jannet Yellen speech today for further direction.
Short term trend is bullish as long as support $1225 holds.
On the higher side any break above $121 will take the bullion till $1264/$1270.
Gold minor support is around $1235 and any break below targets $1228/$1225.
Overall bullish invalidation only below $1200.
It is good to buy at dips around $1235 with SL around $1225 for the TP of $1264
Gold hits two- week high on Friday on account of weaker than expected US Non-farm payroll data.
Bullion jumped 2.8% on Friday, its highest percentage gain since Feb 11.
U.S economy has added only 38k jobs in the month of May, lowest number since 5-1/2 years.
Technically gold has broken major resistance $1243 and jumped till $1248 at the time of writing .It is currently trading around $1242.
Gold is slightly bullish but market awaits Fed Chairman Jannet Yellen speech today for further direction.
Short term trend is bullish as long as support $1225 holds.
On the higher side any break above $121 will take the bullion till $1264/$1270.
Gold minor support is around $1235 and any break below targets $1228/$1225.
Overall bullish invalidation only below $1200.
It is good to buy at dips around $1235 with SL around $1225 for the TP of $1264