Gold gaining traction above $1,330 post NFP

• The US Non-Farm Payroll numbers disappointed to the downside. 
• Gold bulls have found support at the $1,320 level, and the next crucial resistance is seen at $1,345. 

Gold is trading at around $1,331 up 0.37% on Friday as the US Non-Farm Payroll (NFP) in March came in below expectations at 103K versus 193K forecast by analysts. The Average Hourly Earnings matched analysts' estimate at 2.7% year-on-year. The unemployment rate in March came higher than forecast at 4.1 versus 4.0% consensus. 

“Market's attention is somewhere else: after two days of "peace" between the US and China, seems the week will end with fresh concerns about an escalating trade war.” Commented Valeria Bednarik Chief Analyst at FXStreet. 

Gold weekly chart

Gold is trading inside last week’s range above the 50, 100 and 200-period simple moving average.

Gold daily chart 

Bulls are testing the high made on Thursday and the market is trading above the 50, 100 and 200-period simple moving average.

Gold 4-hour chart

Immediate support/resistance level is the $1,333.32 level, followed by the $1,345-$1,348 area with the last swing high. Support is seen at the $1,320 level, a break below can lead to $1,306.90 cyclical low. The short-term technical picture remains constructive for gold as long as $1,320 support holds. 

Gold 5-minute chart

After the NFP gold spiked above $1,330 and is now consolidating  arond the level. Bulls are trying to push the market above the $1333.32 swing high.