Gold
Gold resumed buying after 20$ crash last friday. Xauusd settled above 1290$ for weekly closing which gave a mild boost to gold buyers. As i was writing continuously 1288$ is major base in gold. It did not sustain below 1288$ last week and bounced from very same level. Dollar Index also lost its some gains and closed mildly negative from thursday closing.
We have Non farm payroll numbers this week which would be very crucial for upcoming weeks. Last time we had unexpected wild dip in numbers which boosted gold prices till 1320$. It would be unwise that numbers would be worse as numbers were bad enough last month. This month we may have some recovery in numbers which could push gold price in a little negative territory. Main focus would be how much recovery we may have this month.
However if we have only small recovery then we may not have any negative effect in precious metals. Good recovery in NFP numbers may indicate good rally in dollar index which would eventually lead a crash in gold prices. For now we will just wait and watch.
For now gold is trading at 1292$. Good support in this precious metal chart stands at 1288$. If market break and sustain below 1288$. Then expect good pressure in xauusd till 1280$- 1274$.
Resistance in gold chart stands at 1302$. If traders break and sustain above 13024. Then expect good rise in xausd till 1309$- 1317$.
Conclusion: For now gold trend remain flat to positive. Below 1288$ we may have good selling and may test till lower levels.
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