Gold On Bearish Pressure, Be Alert 1563.10

The movement of Gold in hourly chart seen is on bearish bias. Preference for today is bearish with 2 alternative scenarios. First, watch the Support 1563.10, if it breaks it potential trigger continue bearish movement to the range 1553.50.  

Second, Watch area between the resistance 1583.43  and resistance 1572.70, this area can be key for hunt bearish signal/pattern. If bearish signal/pattern appears in this area, it potentially triggers bearish movement aim the support 1563.10.

Ignore the preference if the resistance 1583.43 breaks, because bias bearish has change to bullish, within possibility price move upward to the range 1594.16-1603.76.

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Gold Weakens After U.S. Jobs Data Release

Gold futures moved down on Monday while U.S. employment sector data released on estimates positively impact economic growth prospects, and depressed safe-haven buying, despite the central bank is expected to continue to lift the economy in tahumn 2013.

Policy easing from the Federal Reserve has brought gold to a record high in recent years, as investors try to cope with high inflation estimates related to the printing of money the U.S. central bank.

Contract Spot gold fell 0.1% to $ 1,576.04 an ounce, recovering from a low for 2 weeks at the $ 1,560.80 in the previous session. U.S. gold futures fell 0.1% to $ 1,575.40.

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