Gold jumps to fresh multi-month highs on sof NFP

The precious metal spiked higher to a new five-month top as the greenback was sold aggressively after the NFP data came in much lower than expected. After touching its highest level since early November at $1270.48, the yellow metal started to retreat as the selling pressure on the USD faded away. As of writing, the XAU/USD is up 0.88% at $1262.75.

Following a 219,000 increase in February, the U.S. economy added 98,000 jobs in March (180,000 exp.). However, the fact that the unemployment rate eased to 4.5% from 4.7% suggested that the labor market is stabilizing. Furthermore, average hourly earnings rose 0.2%, revealing that the businesses continue to raise wages to attract the available workers.

• US: Total nonfarm payroll employment edged up by 98,000 in March

Earlier on Friday, Gold gathered strength as a safe haven after the news of a US missile strike in Syria crossed the wires.Later during the NA session, New York Fed's William Dudley will be giving a speech. Additionally, the headlines from the Trump-Xi Jinping summit will be watched closely.

Technical levels to consider

The immediate resistance for the metal aligns at $1270 (daily high/horizontal level) before $1276 (Oct. 25 high) and $1284 (Oct. 28 high). To the downside, below $1250 (daily low), $1243 (200-DMA) and $1237 (50-DMA) could be seen as technical supports.