GOLD

Non-farm employment change- Review

Total nonfarm payroll employment rose by 288,000, and the unemployment rate fell by 0.4 percentage point to 6.3 percent in April, the U.S. Bureau of Labor Statistics reported on Friday. The unemployment rate fell from 6.7 percent to 6.3 percent, and the number of unemployed persons, at 9.8 million, decreased by 733,000.

Weekly forecast-

The metal has been framing higher highs and higher lows for the last 2 weeks, indicating the down trend. We are eyeing a pullback towards $1,316-$1,322 levels. As we recommended earlier in our last articles, don't short on a positional basis until the metal closes below the white line in the weekly charts. As of now, the metal opened on a bullish note. In Asia's trading session, it is trading at $1,305 levels. This week's key level is located between $1,316-$1,322 levels. On the upper side the level of $1,306.60 is the initial resistance for the metal, trades above it will push towards $1,316, $1,319.60 and $1,322 levels.

On the down side, the metal will take support at today's low $1,299 levels. If it trades below this, it will again fall to $1,285 levels.

Intraday-

During the time I am preparing this article, the metal crosses the initial resistance at $1,306.60 and hits a high at $1,309 levels. I expect in today's session the metal will come back again towards support levels. Above $1,306.60 level, the metal will shoot up to $1,311.60 (it hit $1,309), so fresh buying is only above this level, $1,312 is recommended for today's trading session. I expect selling is the best strategy today and the positional (2-3 days). Until crossing $1,312, be on the sell side, cmp is $1,308. On the down side, $1,306.60 is the initial support, below this, $1,301, $1,299, $1,296.40 and $1,292.

On the upside, if it trades above $1,312, it will shoot up to $1,316, $1,319.60 immediately. At higher levels, traders can short. The selling pressure will build up during the evening session.

Recommendations-

Safe traders-

Buy above $1,312 for targets at $1,316 and $1,319.60.

Sell below $1,305 with targets at $1,299, $1,296.40 and $1,292.

Risky traders- CMP is $1,308.

Sell with sl $1,312 and target $1,306.60, $1,301, $1,299, $1,296.40 and $1,292.

Adopt a strategy and trade safely.