Gold Outlook

Gold is currently at noisy level in the meaning looking at those spikes in the past.  The price is right at the level where it began a rally to 43300 on 2012 July. Besides, it is at important weekly support level as well as key Fib retracement level, 150 SMA, there are number of elements whether will support or give up the price." We believe the next wave will be another corrective wave with a target as low as USD 1308 (35550)", says Russell Browne at bullion bank Scotia Mocatta, pointing to Elliott Wave Analysis. However, further suggested, for that Gold will first have to break through big support level in 37000 to 36700.

Today we have key U.S. economic data releases [Forecast, Previous], Non Farm Employment Change [198K, 236K], Trade Balance [-44.8 B, -44.4 B], Unemployment Rate [7.7%,7.7%], and Average Hourly Earnings m/m [0.2%, 0.2%].

I'd just stay out of the market for time and see what unfolds.

Trade Safe :)