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FxWirePro: Gold trades flat, markets eye US NFP
Major Support- $1445
Gold is trading in a narrow range between $1483.59 and $1473 for the past 2 trading days. Markets eye US NFP data which is to be released today for further direction. US economy is expected to add 180000 jobs vs 128000 in October, unemployment to remain unchanged at 3.6%. Average hourly earnings to gain 0.3% vs 0.2% previous month. The yellow metal hits high of $1480.35 yesterday and is currently trading around $1472.
According to the FedWatch tool, the chance of keeping rates unchanged has increased to 94.1% from 99.3%, the probability of rate cut declined sharply to 0.7% from 5.9%.
The US 10- year bond yield trades slightly higher and jumped more than 7.5% from low of 1.695%. The spread between US 2and 10-year has widened slightly from 12.6 bps from 20 bps.
On the flip side, near-term support stands at $1456, violation below will drag the yellow metal down till $1445/$1430/$1413 possible.
The near-term resistance is at $1485, any indicative break above targets $1500/$1525.
It is good to buy on dips around $1467-68 with SL around $1460 for the TP of $1495.
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