The big monthly US jobs report will be released today. Initial claims for state unemployment benefits increased 16,000 to a seasonally adjusted 326,000, the Labor Department said on Thursday. The government's closely watched employment report on Friday is expected to show non-farm payrolls increase of 200,000 jobs last month after rising by 175,000 in February. The Shangai Gold exchange is down 0.48%. The metal came under pressure after the US dollar gained strength. The market participants reveal that the general sentiment towards gold is quite subdued right now," UBS analyst Edel Tully said.
Technical view-
In yesterday's trade gold drifted to its 7-week low, but held the previous support level at $1,277.0. For positional traders, one can enter fresh shorts once gold closes below $1,279 for targets at $1,270, $1,275, $1,265, and $1,261 levels. Or in another view, due to oversold levels in hourly chart once the price moves higher towards $1,306-$1,307 levels, one can enter shorts with small sl $1,308 on a closing basis. On the higher side, the levels of $1,298 and $1,397 are the supply zone. A day close above the $1,307 level (50SMA), the metal will move upwards to $1,317, $1,320, and $1,327. The metal will get positive waves only after a day close above the $1,342 levels. Until that, any rise is a selling opportunity. Sellers will get a shorting opportunity below $1,279 or higher levels $1,295, $1,298, and $1,307 levels.
Intraday-
In the H4 chart, the metal is facing stiff resistance between $1,287.20-$1,288.60 levels. Buyers can enter longs only above the level of $1,288.6 for $1,294. Above this, $1,298 will be possible for intraday session. Today, if the pair is unable to cross the $1,294 level, the gates are open for lower targets at $1,277, below this, $1,270 and $1,272 (intraday). Sellers can enter fresh short positions at higher levels at $1,294 or $1,298 or below $1,281 for targets at $1,277.
Recommendations- cmp $1,284.80
Safe traders-
Sell below $1,281 for targets at $1,277; below this, $1,275 and $1,272.
Buy above $1,289 with targets at $1,294 and $1,298.
Risky trades-
Buy with sl $1,277 for targets at $1,288, $1,294, and $1,298 (above $1,289 only, next targets will come).
Sell below $1,277 for targets $1,270, $1,265, and $1,261.
Please adopt one strategy and trade safely.
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on market trends you may visit via Fundamental analysis of Gold for April 04, 2014 . Thanks for your support on Fundamental analysis of Gold for April 04, 2014
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