Gold off-28-month tops, capped below $ 1370

The bulls took a breather from its week-long run of gains, resulting in a consolidative phase in gold below $ 1370 mark, as we head towards the European session.

Gold slips below $ 1370 mark

Currently, gold trades modestly flat at $ 1366.44, having posted day’s high at 1370.85 and day’s low at 1365.32. Gold prices moved further away from multi-month highs, largely on the back of correction after the recent strength, while markets take profits off the table heading towards the crucial US employment data, with ADP and NFP jobs report due today and tomorrow respectively.

Moreover, the bullion failed to benefit from the FOMC minutes released late-Wednesday and extended its retreat thereon, despite a cautious tone prevalent amid equities.  Meanwhile, the US dollar trades almost unchanged at 96.15, awaiting cues from the US employment numbers.

Gold Technical Levels                                   

The metal has an immediate resistance at 1380 (round number) and 1388.54 (Mar 2014). Meanwhile, the support stands at 1364.63 (Jul 5 High) below which doors could open for 1357.22 (5-DMA).