Traders are eyeing today's US payrolls data for the month of January. Gold prices are vibrating in a small range of 1,274-1,252. Non-farm payrolls are expected to be at 184,000. In the December report payrolls data rose 74,000. Gold is slowly improving its support levels. First it created a base at the level of $1,217, later the support shifted to 1,227 and 1,237. Now it is holding above the level of 1,252. Slowly bulls hold their grip. But it was unable to cross 1,278. We can expect maximum it can stretch at $1,293.
In the daily chart gold is holding above 8-month old descending upper trend line and taking supports from raising trend line which is a bull factors. RSI shows a positive indication. Whereas in the hourly chart oscillators gave a negative indication. We assume that prices will come down first before any further upmove.
Resistance: $1,264, $1,275, $1,293.
