Gold ended down on profit booking after surging Friday as investors sought refuge in safe haven assets following a bleak U.S. employment report. Some investors viewed the lack of jobs growth in August as a sign the world's largest economy may be heading back into recession, heightening demand for gold. It was the first time in nearly a year the economy had failed to create new jobs. Some said the report increased the odds of more stimulus from the Federal Reserve when it meets on September 20-21, also a positive for bullion. Gold's sojourn to all-time highs was largely carved out on added liquidity from stimulus measures along with a gloomy economic outlook. Gold had notched up a sizable portion of the day's gain prior to the data, with traders having braced for yet another downbeat report ahead of the long Labor Day holiday. Now technically market is trading in the range as RSI for 18days is currently indicating 64.88, where as 50DMA is at 25032.92 and gold is trading above the same and getting support at 27461 and below could see a test of 27132 level, And resistance is now likely to be seen at 28159, a move above could see prices testing 28528.

Trading Ideas:

Gold trading range is 27132-28528.

Gold ended down on profit booking after surging Friday as safe haven assets

US market will remain closed on account of Labor Day

The metal rose 12 percent in August, its strongest monthly gain since Nov. 2009