Gold jumps above $1,240 on USD selling

Precious for the precious metal has leaped to multi-day peaks above $1,240 per troy ounce on Friday in the wake of May’s Non-farm Payrolls.

Gold bounces off $1,210

Bullion quickly bounced off daily lows in the $1,210/15 band after the US economy has created only 38K jobs during last month, the worst job creation since September 2010, missing forecasts for a 164K gain. On the bright side, if any at all, the jobless rate ticked lower to 4.7%, bettering estimates.

Gold prices have just extended further its rebound from earlier multi-week lows in the $1,200 neighbourhood, bolstered by now dwindling hopes of a Fed rate hike at the upcoming meeting in June and a sharp drop in US yields.

Gold key levels

As of writing Gold is advancing 2.38% at $1,241.15 facing the next hurdle at $1,280.70 (high Mar.11) followed by $1,287.80 (high May 16) and finally $1,304.40 (2016 high May 2). On the other hand, a breakdown of  $1,199.00 (low May 31) would aim for $1,193.60 (low Feb.16) and finally $1,165.88 (200-day sma).