Gold finished marginally down on Thursday after trading in a rather narrow range due to upbeat U.S economic data. Gold earlier rose within a striking distance to psychological $1400 level but profit takers brought it down below its previous close as invetors moved money to riskier assets.
Non-Farm payroll report is due tonight which can cause sharp price moves. Market forecast is 165000 new jobs added in previous month. According to analysts gold may remain well supported regardless of the outcome of jobs report but considering previous two days price action, worse than expected numbers are more likely to push prices above critical $1400 level.
Resistance lies at 1393 and then at $1400-05.
Support sits at 1378-80 and then at 1370-73 area.
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