Gold Outlook

On Daily Chart Gold price approaches to key level 1263-64 which represents 61.8% Fibonacci correction level, which hints the importance and sensitivity of this level to determine the next trend, as investors await today all important jobs data out of the US and depending on the numbers, gold could go either way.

If Non farm payrolls figure and unemployment rate hit the market above expectations the chances of a rate hike will probably rise to over 90 percent and that should see the gold price tumble again.

Even if the data from America falls short of expectations, gold may find it difficult to break above this range.

Expected trading range for today is between 1260.00 support and 1282.resistance.


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