Gold awaits NFP report

Gold has been allowed to shine brighter this week as markets diluted expectations for another Fed rate hike by July.

The precious metal also rode on the optimism that the US default is no longer on the table.

Gold is set to end a run of three straight weekly losses, after bouncing off its 100-day simple moving average (SMA) support level.

Spot prices are now treading water around the $1970-$1980 region, as markets await the incoming US nonfarm payrolls report.

Gold bugs may be further encouraged to test resistance at the 50-day SMA around $1990 if US hiring momentum is truly waning.

However, a still-resilient US jobs market may allow the Fed to press ahead with another rate hike, likely to the chagrin of bullion bulls who may be forced to pare some of their gains for the week.