Gold consolidates around $1350 region, NFP awaited

   •  Reviving USD demand seemed to cap up-move.
   •  Risk-off mood helps limit immediate downside.
   •  The key US monthly jobs data eyed for fresh impetus.

Gold lacked any firm directional bias and was seen oscillating in a narrow trading range below $1350 level. 

A combination of diverging forces failed to provide any fresh impetus and assist the precious metal to build on the up-move witnessed over the past two trading session.

A modest pickup in the US Dollar demand, supported by a follow-through upsurge in the US Treasury bond yields, was seen capping gains for the non-yielding yellow metal. 

However, a weaker opening across European bourses was seen lending some support to the precious metal's safe-haven appeal and helped limit immediate downside.

Investors now look forward to the keenly watched US jobs data (NFP), which would influence the USD price dynamics and in turn, might provide some fresh impetus for dollar-denominated commodities - like gold. 

Technical levels to watch

A follow-through buying interest has the potential to lift the commodity towards $1358 supply zone, above which the momentum is likely to get extended towards July 2016 highs resistance near the $1374-75 region with some intermediate hurdle near $1366 area. 

On the flip side, $1340 level now seems to protect the immediate downside, which if broken might prompt some additional profit-taking slide back towards $1334-33 support en-route $1326 strong horizontal support.