Gold prices slipped during Monday's early session after gaining almost 1% in the last session as a weak US employment report sent the greenback lower and clouded the outlook for the global economy. The Labor Department reported a 20,000 job increase in non-farm payrolls last month, far fewer than the consensus forecast of 180,000, leading the greenback to fall and the yellow metal to rise. Adding to this, US Federal Reserve Chairman Jerome Powell’s comments received some attention as he said the central bank is not in a rush to change interest rates levels again, and that current rates are at an appropriate level.
Gold prices surged by 1% during Friday's session to climb above the $1300 level. However, they could not hold on the top but they are structurally well positioned for another upward move. The price is currently hovering around the $1997 support level with a bullish momentum, and we will be focusing on the $1307.09 resistance level.
Support: 1291.83 / 1282.19
Resistance: 1293.78 / 1303.07