Spot Gold trades within extended triangular consolidation with tight range on Friday, in expectation of US jobs report which is expected generate stronger direction signal.
The price is holding between converging 10SMA ($1297) and 20SMA ($1301) which mark initial support/resistance.
Near-term action was repeatedly capped by sideways-moving 200SMA ($1307), with barrier being reinforced by formation of 30/200SMA bear-cross, but directionless near-term mode is maintained by flat momentum and RSI.
Solid US non-farm payrolls and especially wages would keep Fed’s hawkish mode for June rate hike which would boost dollar and sent yellow metal’s price lower.
Break and close below $1297 pivot (10SMA / Fibo 38.2% of $1282/$1307 upleg) would generate negative signal for fresh weakness towards supports at $1291 (Fibo 61.8%) and $1282 (21 May low) in extension.
Weaker than expected US jobs data would depress the greenback and open way for retest of the upper pivot, provided by 200SMA ($1307).
Res: 1301, 1307, 1309, 1315
Sup: 1297, 1295, 1291, 1288
