03/31/2015 9:19am CDT
In the early morning trade, June gold is up slightly and currently trading at $1187.4 an ounce. Due to the recent surge again in the US dollar, gold has pulled back more than $4o dollars and is not enjoying a safe haven play from the crisis in the Middle East or the Greek debt situation. However, gold traders and investors alike will be watching closely to this Friday's monthly non-payroll number in order to get a sense for the next directional move.
If you look at a daily June gold chart, you'll clearly see some simple support and resistance levels to trade around on Friday's jobs report. If the overnight low of $1178.2 is still valid by Friday, I would sell below that level on a bullish/positive jobs number. If the report comes out bearish/negative, I would suggest buying above last week's high of $1220.4.
If you'd like to learn more about futures trading or the metals market specifically, please contact Nick DeGeorge at 312-373-5316 or firstname.lastname@example.org.
Jun '15 Gold Daily Chart
Source: RJO Futures PRO