Gold Futures Daily Trading Forecast

During Fridays trading session gold futures for delivery in June traded within the range $1 284.40-$1 307.50 and closed at $1 303.50.

At 09:25 GMT today gold futures for settlement in June traded at $1 298.80 per troy ounce, losing 0.36% for the day. The contract touched a daily low at 1 298.30 at 08:30 GMT.

Fundamental view

During the week ahead investors’ attention will be focused on the minutes from the March 18-19 Fed policy meeting, due to be released on April 9. The Federal Open Market Committee, which cut monthly asset purchases by $10 billion at each of its past three meetings, is set to reconvene at the end of the month.

Gold prices drew support on Friday, after a government report showed US employers added less workers than expected, raising economic concerns and boosting demand for the metal as a store of value.

Data released on April 4, showed employers in all sectors of the US economy, excluding the farming industry, added 192 000 new jobs in March, after a revised 197 000 gain in the precious month that was higher than previously reported. The median experts’ forecast called for 200 000 new payrolls to be added last month. Jobs creation is considered of utmost importance for consumer spending, which accounts for almost 70% of the US economy.

Technical view

According to Binary Tribune’s daily analysis, in case Gold price manages to breach the first resistance level at $1 312.53 per troy ounce, it will probably continue up to test $1 321.57 per troy ounce. In case the second key resistance is broken, the precious metal will probably attempt to advance to $1 335.63 an ounce.

If Gold price manages to breach the first key support at $1 289.43 per troy ounce, it will probably continue to slide and test $1 275.37. With this second key support broken, the movement to the downside will probably continue to $1 266.33 an ounce.