Gold struggling near one-week lows, below $1320 as focus shifts to NFP

   •  Stronger USD continues to exert downward pressure. 
   •  Fading safe-haven demand further adds to the selling.
   •  US monthly jobs data eyed for fresh directional impetus.

Gold remained under some selling pressure for the third consecutive session and is currently placed at fresh weekly lows, below $1320 level. 

The precious metal extended its retracement slide from the $1340 supply zone and was being weighed down by fading safe-haven demand. The N. Korean announcement to suspend the nuclear missile program and remained supportive for a global wave of risk-on trade. 

Adding to this, stronger US Dollar, led by easing fears of a global trade-war and the post-ECB selloff in the shared currency, was further seen weighing on dollar-denominated commodities - like gold and collaborated to the downfall.

Investors now look forward to the keenly watched US non-farm payrolls data, which might influence Fed rate hike expectations and eventually provide some fresh directional impetus for the non-yielding yellow metal.

Technical levels to watch

A follow-through selling pressure has the potential to continue dragging the commodity towards 100-day SMA support near the $1302 region, with $1308-07 area acting as some intermediate support.

On the flip side, immediate resistance is now pegged near $1322 level, above which a fresh bout of short-covering could lift the metal back towards $1332 hurdle en-route the $1340 supply zone.