Gold retreats from 2-year highs

Gold retreated on Thursday and snapped this week’s winning streak as strong US employment data lifted sentiment and triggered some uncertainty about Federal Reserve’s next move.

Spot gold fell to a low of $1,350.74 a troy ounce before recovering a tad to end the day around $1,358. In the daily chart, the bias remains bullish as spot continues to trade near yesterday’s 2-year peaks, but with indicators in overbought territory, the rally might take a pause while investors await the US nonfarm payrolls report.

Support levels: 1,350.74 1,335.56 1,320.56. Resistance levels: 1,388.45 1,400.00 1,416.34.