Gold prices rallied higher on Monday morning to the highest level in 12 months on weak nonfarm payrolls report and the rising concerns over North Korea's
The U.S. economy created 156,000 jobs in August, missing out on the agreed estimates for the creation of 180,000 jobs
The jobless rate rose in August to 4.4%, average hourly earnings fell down from 0.3% in the prior month to 0.1%.
Technical View
Gold prices trade at a bullish momentum. As per our previous outlook, prices rebounded from $1305 which is a profit booking area and continued to the current price of $1342. Gold next target is at $1362.
Gold 4H Chart
Gold 4H chart has formed “Ascending broadening wedge“ and continue to rally further on the same direction according to the pattern. An additional support holds at $1310. Further rally would be towards $1340-1362.
