Gold dips in Asia as investors eye US non-farm payrolls data

Gold dipped in Asia as investors await US data which is expected to show the pace of job additions recovered in June.

Trades below hourly 100-MA

Prices currently hover below the hourly 100-MA level of $1357. Gold recovered from the previous day’s low of $1350 but the momentum ran out of steam at a high of $1363.

The main event for the day is the US non-farm payrolls data release, which could influence the Fed rate hike expectations and influence gold. As of now, markets do not see Fed moving rates this year. The focus will also be on the wage growth figures.

As of now, the metal is on the back foot despite moderate drop in the USD index.

Gold Technical Levels

The pair trades around $1355/Oz levels. The immediate resistance is seen at $1357 (hourly 100-MA), above which prices could target $1365 (hourly 50-MA). A break higher would expose $1370 (hourly chart resistance). On the other hand, a break below $1350 (previous day’s low) could yield $1341 (10-DMA). Next major support is seen at $1333 (June 27 high).