Commodity spotlight – Gold
Gold was almost directionless on Friday morning as investors remained cautious ahead of the highly anticipated U.S. jobs report.
Although the yellow metal initially received a boost mid-week from uncertainty surrounding Italy’s budget, these gains could be easily be erased by a solid U.S. jobs report. With Gold’s fortune tied to the Dollar’s performance, this could be another rough and rocky trading quarter for the precious metal. Taking a look at the technical perspective, prices are likely to trade within a modest range until the NFP figures are released this afternoon. A solid break below the $1,190 support level could inspire a move towards $1,181 and $1,173, respectively.