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Gold down for sixth consecutive session

FXStreet (Mumbai) - Gold prices declined for the sixth consecutive session on Friday as investors anticipate an upbeat September payrolls number along with an upward revision of the previous month’s figure.

Weekly loss on cards

The metal has been on a losing streak after having topped out at its 50-DMA then located at USD 1150/Oz levels last week. The weekly loss pretty much appears a done deal, although the metal may witness a recovery and thus end the week with minor losses in case the US non-farm payrolls report disappoints market expectations.

Moreover, the data is expected to show the economy added 203K jobs in September. The August figure could be revised higher as well (seasonal weakness each year, usually revised higher in September).

Gold Technical Levels

The metal currently trades around USD 1109/Oz levels. The immediate support is seen at 1098.30 (Sep 11 low), under which the metal could target 1086.60 (July 22 low). On the other side, resistance is located at 1113.91 (daily high) and 1120.60 (Sep 22 low).

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