As said in Friday’s gold forecast gold price depends on Non farm payroll. NFP data came way below than expected. This gave a very positive push to precious metals. Gold tested above 1300$ but could not break our Friday’s resistance which I mentioned at 1302$. Non farm data may impact Fed decision to hike more interest rate this year.
We may see fewer interest rate hikes than expected. If this happen then market would assume US economy is in under pressure and we may see very bright prices in gold. Non farm payroll indicated a slowdown but Unemployment rate also came better than expected which is a confusing sign. We need to see next month NFP and Unemployment data to determine the long term trend in US jobs market.
Currently gold price trading at 1298.80$, Good support in this precious metals stands at 1286$. Once market break and sustain below 1286$. Then expect more pressure in xauusd till 1278$- 1270$.
Resistance in gold chart stands at 1308$. If gold break 1308$ and manage to hold above this resistance. Then expect more firepower in xauusd till 1317$- 1326$
Conclusion: Gold buy in dips would be good idea as market is sustaining pretty well. Fundamentals are looking fine and technically also looking trend positive. Avoid any selling for now.
For Comex Silver, Crude oil & Mcx levels watch video below.