The job creation data in the US came in well above expectations. US Labor Department reported that the American economy created 175,000 jobs in January. But the worry part is that the unemployment rate jumped to 6.7% from 6.6%.
Technical view
While I am preparing this report, gold suddenly drops to $1,327.80 from $1,335.0 in Asia's trading session. Currently it is trading at $1,332.0. 200EMA acting as a good support from last 5 trading days. The gold is trading in a range between $1,328.0- $1,355.0. Break out either side will create a room for further movement. If it breaks below $1,328.0, it will fall to $1,318.0 and $1,310.0 and $1,297.0. From last couple of trading days we recommend to sell on rallies with sl $1,355.0, more strength for bears if it breaks $1328.0. If the price breaks out on the upper side above $1,355.0, we will see $1,362.0 and $1,372.0. In the daily chart, oscillators still in the sell mode. Any pull back leads to generate shorts.
Intraday- Range between$1,328.0- $1,340.0.
Positional- sell on rallies. $1,355.0 neckline resistance
S1 $1,328.0 R1 $1,355.0
S2 $1,318.0 R2 $1,362.0
S3 $1,310.0 R3 $1,395.0.
A day close above the level $1,355.0, we will see $1,362.0, $1,375.0, $1,395.0, $1,420.0 and $1,440.0.
The material has been provided by InstaForex Company - www.instaforex.com
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