Gold regains hourly 50-SMA ahead of NFP

Gold keeps its recovery mode intact from a dip to 1302 levels, and now hovers in a $5 slim range ahead of the highly-influential US payrolls data due later in the NA session.

Gold awaits NFP for fresh direction

Currently, gold trades -0.18% lower at 1311.95, having posted day’s high at 1316.26 and day’ low at 1309.76. The yellow metal staged a solid rebound from just ahead of 1300 levels, although the recovery lost legs near 1316 region, as the bulls remain unnerved heading into the much-awaited US jobs data, which likely to have a major impact on the US interest rates outlook and eventually on the USD-sensitive gold prices.

Nonfarm payroll is forecast to rise by only 180,000 in August after a 255,000 gain in July, according to MNI median estimate. The unemployment rate is expected to fall to 4.8% after staying at 4.9% in July, while hourly earnings are forecast to rise 0.2% after 0.3% July gain.

Gold Technical Levels                                   

The metal has an immediate resistance at 1320 (round number) and 1332.49 (20-DMA). Meanwhile, the support stands at 1302.50 (Sept 1 low) below which doors could open for 1297.85 (100-DMA).