Gold was trading 0.52% down at $1,799.60.
Gold was down on Friday morning in Asia, but remained near the key $1,800 mark as investors await the latest U.S. jobs report.
Gold Futures were down 0.39% to $1,801.90 by 1:24 PM ET (5:24 AM GMT) and were set for their worst weekly performance since mid-June 2020.
The U.S. report, including non farm payrolls data, is due later in the day and could dictate the U.S. Federal Reserve’s next policy move.
“If we get a combination of really solid payroll numbers coming on the back of a hawkish rhetoric by the Fed, I think it’ll spook any interest rate sensitive markets like gold… That’s why we’re seeing risk reductions right now,” SPI Asset Management managing partner Stephen Innes told Reuters.
However, a complete meltdown in gold is highly unlikely and support level of $1,790 should hold, he added.
Indicative of sentiment, holdings in SPDR Gold Trust , the world’s largest gold-backed exchange-traded fund, fell to 1,027.61 tons on Thursday.
In other precious metals, silver edged down 0.2% and was down about 1.5% for the week. Platinum fell 0.6% and palladium was flat at $2,649.71.
On the technical front Gold , RSI Stood at 44.399, the current price is trading Below All the Moving Averages . So, a Sell trade can be executed with the following target and stop-loss:
TRADE SIGNAL- Gold– SELL: 1800.50, TARGET:-1750.50, STOP LOSS:- 1825.50.
