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Long

Gold trades higher on weak US Jobs data,good to buy at dips

FX:XAUUSD   Gold / U.S. Dollar
222 0 6
Major resistance - $1243

Gold             hits two- week high on Friday on account of weaker than expected US Non-farm payroll data.

Bullion jumped 2.8% on Friday, its highest percentage gain since Feb 11.

U.S economy has added only 38k jobs in the month of May, lowest number since 5-1/2 years.

Technically gold             has broken major resistance $1243 and jumped till $1248 at the time of writing .It is currently trading around $1242.

Gold             is slightly bullish but market awaits Fed Chairman Jannet Yellen speech today for further direction.

Short term trend is bullish as long as support $1225 holds.

On the higher side any break above $121 will take the bullion till $1264/$1270.

Gold             minor support is around $1235 and any break below targets $1228/$1225.

Overall bullish invalidation only below $1200.

It is good to buy at dips around $1235 with SL around $1225 for the TP of $1264
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