FxWirePro: Gold Daily outlook

Gold is consolidating after hitting a high of $1440. The market is directionless and awaits US Non-Farm Payroll data for further direction US economy is expected to add 162000 jobs compared to 75000 jobs in May and wage growth is to be at 0.3% vs estimate of 0.2%. Any better than expected jobs data will put pressure on the yellow metal.

On the flip side, near term support is around $1412 and any break below will drag the yellow metal to the next level till $1409 (5 and 34 H EMA)/$1400/$1391 (300 H EMA). Major weakness only below $1380.

The near term minor resistance is around $1422 and any break above will take the yellow metal till major bullish continuation only above that level. Any break above targets $1465.

It is good to sell on rallies around $1417-18 with SL around $1423 for the TP of $1391.