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    Gold trims gains to $1365, still positive for seventh straight day Haresh Menghani

    Although off session peak level of $1370, Gold remained well supported by global uncertainty surrounding the historic Brexit referendum and is currently trading in positive territory for seventh consecutive day, around $1365 area.The yellow metal's ongoing bullish momentum gained traction on Wednesday after the release of FOMC meeting minutes, seen as portraying dovish economic outlook that might continue restricting the central bank to raise interest-rate further. Moreover, expectation of additional monetary stimulus by the Bank of England continues to fuel the bullish sentiment surrounding the precious metal. BOE's MPC is scheduled to meet next week, where market participants are expecting the central bank to announce / provide a firm hint about additional easing measures. The precious metal's minor up-tick on Thursday is supported by a slightly negative bias surrounding the greenback as investors now await for fresh impetus from US monthly jobs report. Later today, ADP is scheduled to release its report on US private sector employment and would be followed by the release of weekly jobless claims data. However, the key economic indicator to watch for the metal's near-term trajectory would be Friday's NFP data that is likely to act as an important trigger for the near-term movement of the US Dollar, which would eventually influence sentiment surrounding the precious metal.Technical levels to watchFrom current levels, $1360-58 area seems to act as immediate support, below which the metal could drop below $1350 level to test $1340 level. Meanwhile on the upside, strong bullish momentum above $1370 immediate resistance now seems to open room for continuation of the commodity's near-term upward trajectory towards $1390 before heading towards $1400 round figure mark.


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