US job data missed forecast in January, but gold didn't react this. The disappointing data attracts rumours towards the next cut by Fed in this month. For a straight second month we saw the US job data missed expectations. Traders are eyeing tomorrow's Fed chairwoman first monetary policy report. Friday gold made a high at the level of $1,271.50 close to $1,266. Today at Asia's trading session, gold opened with a bearish sentiment, made a high at the level of $1,270. SPDR gold trust holdings stood at 797.05 tonnes.
Bull factors-
· Oscillators are showing a bit positive indicators in the weekly and daily chart. It clearly shows some upside room left in the short-term trend.
· Trading above $1,267.7 is very crucial for gold. Currently, it is trading at $1,266.0.
· The price is still holding the trend line and trading above the 21DEMA in the hourly and daily chart.
Bear factors-
· Gold faced stiff resistance and was unable to cross last week's high at the level of $1,274. $1270-$1274 is a supply zone.
· In the hourly chart, oscillators gave a sell indication facing stiff resistance at the level of $1,270.
Intraday-
Support- $1,262, $1,257.
Resistance- $1,270, $1,274.