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Gold recovers but remains below 1360 Haresh Menghani

Gold has managed to recover majority of its early losses and is now heading back towards $1360 level as we head towards the crucial release of US non-farm payrolls data, later during early NA trading session.On Thursday, the yellow metal reversed from its highest level since March 2014, snapping its six consecutive days of appreciating move, and dropped to $1350 level as short-term traders were inclined to take some profits off the table on slight improvement in global risk sentiment. The metal, however, managed to recover from lower levels as a sharp slide in crude oil prices drove investors back towards safe-haven assets – like gold.On the last trading day of the week, the precious metal is witnessing a subdued trading action as investors now await for fresh impetus from today’s NFP release that would determine sentiment surrounding the US Dollar and provide some short-term momentum play in gold prices. Technical levels to watch Recovery momentum back above $1360, and a subsequent strength above $1370 resistance, would confirm resumption of the commodity’s bullish trend, initially towards $1390 level and eventually towards $1400 round figure mark. On the downside, weakness back below $1350 support area seems to drag it to $1340 support before heading towards its next major support near $1325 region.

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