The safe-haven metal shy to break above the psychological level of $1800 ahead of the US NFP report. The move above the psychological mark of $1800 will drive the metal up to the next upside levels of $1814/1820. On Wednesday, the yellow metal received a further boost following the weaker-than-expected US macro-economic data including ISM services PMI and ADP employment report.
US NONFARM PAYROLL PREVIEW
Non-farm payrolls will be the highlight of the final trading day of the week. The Expectations are for 978k jobs to have been added to the US economy in April and a decline in the unemployment rate to 5.8% from 6%. Average hourly earnings are also expected to have increased by 0.1% month on month.
Data from Wednesday showed much less private-sector job creation than forecast last month which may impact the Friday NFP number. The April ADP payroll report showed 742,000 jobs were created, a miss of the 850,000-consensus estimate.
GOLD TECHNICAL OUTLOOK
On a weekly time, frame, the overall movement remained bullish for the gold. If the bullish momentum continues the next upside levels to watch $1798 (Tuesday high) and $1806/14. On the downside, any meaningful pullback now seems to find some support near the $1770 zones, below which the slide could further get extended towards the $1762/55 region.
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