NFPs In View

Spot gold has hugged a tight range during Asia-Pac hours, last dealing virtually unchanged, just above $1,790/oz. The BoE driven bid allowed gold to firm on Thursday, with the impetus from lower U.S. real yields outweighing the uptick in the DXY, although bulls were not able to force their way through $1,800/oz in spot trade, leaving the recently observed range (and technical overlay) well and truly intact. A softer than expected U.S. labour market report may be the catalyst to facilitate a test of key resistance at the Oct 22 high ($1,813.8/oz), while notable near-term support, located at the Oct 6 low ($1,746/oz) may prove a little too far out of reach on a stronger than expected labour market report.