The 50% retracement level of the 2014 rally is providing support, however the Non-Farms Payroll number released later today could see volatile trading, with an expected print of 200,000 new jobs and a further reduction in the unempoyment rate.
Equities continue to forge new all time highs, the dollar strength has seen the 80.50 level broken and oil is back above $100 a barrel again.
Support can be found at 1277-1280, 1250-1255, 1237-1240, 1220-1225, 1210, 1200 and 1180. A break of 1180 would have serious bearish implications for gold and suggest a decline to 1000-1050 in the short term, though this now
looks unlikely unless we break below 1250.
Resistance can be found at 1294, 1298-1300, 1307, 1318-1322, 1330-1332, 1340-1342, 1352-1354, 1392-1395, 1400,
1420 and 1435. The impulsive breakout above the down trend line on the weekly chart suggests an end to the intermediate term down trend and that a significant rally is now developing.
Today's video for subscribers looks at the recent trading in more detail and our trading thoughts for today.