Gold price is moving in a small range since Monday and its moving in a very narrow range. Gold is moving from 1280$ to 1290$ entire week and not going anywhere. We have one gold signal running since 3 days and we still yet to achieve target or stop loss in position. So you may have an idea how narrow our gold range is.
Currently gold price trading at 1290.50$. Today we have one of the most important data of US economy. United Stated Non Far Payroll numbers. These numbers are extremely important to determine growth of US economy. These numbers might effect Fed decision which is due later this month. These numbers along with US unemployment rate might decide the next fed meeting outcome.
Non Farm roll data is one of the wild driver of gold prices too. So take an extreme caution near data and place strict stoploss too. I have seen total trend reversal within some hours after Non far data. So avoid any major position near data and trade with extreme cautions.
For now gold trading near 1290$. Good support in gold chart stands at 1278$. If market break and sustain below 1278$. Then expect more pressure in price till 1270$- 1263$. This base support I am mentioning since beginning of the week. Updated this in my yesterday’s gold outlook too.
Despite strong dollar index gold is sustaining pretty well. This indicates more strength ahead in gold prices. But deciding factor would be Non farm and US unemployment rate today.
Resistance in gold price stands at 1302$. If traders break and sustain above 1302$. Then expect good rise till 1307$-1317$
Conclusion: Comex Gold trend is flat to positive for now.
For Comex Silver & Crude oil levels watch video below. Mcx levels are also mentioned in video.