FXstreet.com (London) - Since Fridays worse-than expected jobs data, gold has jumped dramatically, for a gain of nearly $20 on Fridays close of $1135. Despite jobless claims coming in slightly better in prior trading, this did not accurately reflect the outcome of the NFP data on Friday, which came out worst than market expectations and propelled gold to year highs of $1155. NZD/USD mimicked these gains, boosted over 30 pips by the move in the precious metal.
The Kiwi currently trades at 0.7388 against the Dollar, just off previous session highs of 0.7400. Pair will likely consolidate in range later this session in the absence of major macro cues. Both AUD and NZD have a strong positive correlation to gold, and have both gapped to the upside.
Should the pair move continue to move to the upside take primary resistance as 0.7430 (Jan 7 High), and for primary support at 0.7370 (reflection area 7 Jan).