The yellow metal is extending the recent upsurge, sitting at a new 11-month top at $1822, as the bulls take a breather, in anticipation of the all-important US NFP report.
A big NFP blowout is needed to revive the Fed’s tapering talks, which could likely trigger a sharp correction in gold.
“With the Relative Strength Index holding in the overbought region, a pullback towards Thursday’s close of $1815 cannot be ruled.
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The US Bureau of Labor Statistics is expected to announce an increase of 978,000 in Nonfarm Payrolls in April following March’s impressive print of 916,000.
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