Spot Gold May Consolidate Around 1233-1260 Range

By CommodityOnlineCommoditiesJul 05, 2013 06:48AM ET

www.investing.com/analysis/spot-gold-may-consolidate-around-1233-1260-range-174213

Spot Gold May Consolidate Around 1233-1260 Range

By CommodityOnline | Jul 05, 2013 06:48AM ET

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Gold has been consolidating in a narrow sideways range for the past few days, trading with a slight downside bias today in anticipation for the employment report. A breakout of this trading range is expected following the release of the report, and accordingly, we will base our strategy on the possible outcomes of the employment report.

Spot Gold

Support: 1240.00, 1233.00, 1225.00, 1210.00, 1200.00
Resistance: 1248.00, 1260.00, 1270.00, 1290.00, 1300.00

Recommendation Scenario

1: If Non-farm Employment change: at or above 165,000 and Unemployment Rate at 7.5 or below Short gold targeting 1220.00,1200.00 and 1180.00 Scenario 2: If Non-farm Employment change: below 160,000 and Unemployment Rate at 7.6 or above Long gold targeting 1270,1300.00 and 1320.00 We prefer to avoid any other scenario as it will be a mixed number and may cause sharp volatility.

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Spot Gold May Consolidate Around 1233-1260 Range

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