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Gold : Rises Ahead of Non Farm Employment Change Data

Gold today surged as investor were waiting for the key U.S. data and for future guidance on the course of monetary policy. On Monday, Fed chair Janet Yellen said that the central bank will continue to help economy expand and will not soon increase the interest rates due to the slack in the job market. Earlier Gold was under a high selling pressure because of the upbeat data and expectation that Fed will begin to raise rates soon after the end of bond buying program. Now investors will be closely looking at the US job data to trade in Gold.

On the hourly chart, Gold went higher to find resistance at 1293.09 before the release of the non farm employment change data and found support at 1287.86 after the release of the data. Although metal could break any of the trend line but bias is towards the resistance trend line. Seems like Gold will again boost up to its previous level. 1294.47 is a key resistance breaking which will signal a strong bullish bias.