Gold eased to $1,224.65 an ounce in volatile on Thursday. Weaker-than-expected private sector payrolls data that fed into concerns over U.S. Economy lifted gold prices to $1,227 during one session. In a separate report by the Institute for Supply Management, the pace of growth in the U.S. economy's service sector accelerated in June, sending U.S. Treasury yields to eight-week highs and gold lower. The monthly payroll report due on Friday is expected to break current narrow range. Investors are recommended to cut their positions due to the uncertainty.
On technical front, gold is expected to be kept within recent trading range ahead of the payroll report due on Friday. The support and resistance can be found at the May-low of $1,213.81 and the 200-day moving average of $1,233 respectively.
Silver was little changed on Thursday, holding within a tight range above $16 an ounce. Prices are expected to sustain current tendency as investors stayed in the sidelines ahead of the key economic reports due on Friday.

 
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