Gold remains range bound before Non Farm Employment data release. The metal traded between the ranges of $1256 to $1263 after opening at $1257.60 per ounce.
Every time there has been observed volatile movement after the release of payroll data. If we look at the last release the employment fell to 74k from November change of 241k. Gold gained more than $20 with the fall in jobs. Earlier with positive job data Gold has shown sharp downfall.
This time, if employment remains unchanged then we may not see heavy movement in precious metal but in case of drastic change we may see one side trend. Fall in unemployment claims by 20,000 is likely to support employment data today. It will also increase chances of further tapering in near term Fed meet.
Gold has already entered into bearish trend since end of 2012 and positive U.S. economic results will further deepen the prices.