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HNI Commodity Pack, Sell gold if it touches $1,260-65/Oz
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Comex gold futures slid to a four-month low on Thursday as a bounce in the dollar sparked by optimism over US tax reform plans pushed the metal out of its recent narrow trading range.
Traders are now awaiting further direction from US non-farm payrolls data later this week. Next week the Federal Reserve is also expected to announce another US interest rate hike, and to guide on the pace of further increases.
Comex gold futures have broken key supports pushing it lower. As mentioned earlier, there was a lot of choppiness and it typically tends to happen before a trending move begins and in this case most likely a down-move.
The $1,260 per ounce level has been breached, opening the downside further.
Prices could initially drop to $1,245-50. Strong initial resistances are around $1,267 followed by $1,275/77. Only a close above $1,280 can open the upside again to $1,330-35 levels.
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