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Gold prices drops below all major hourly MAs

Gold recovering from a dip to 1216.17, session lows. The yellow metal extends losses for the second straight session after the stronger-than expected US labor market report refuelled April/June Fed rate hike expectations, and thus, weighed on the non-interest paying gold.

The gold prices completely ignored the extended weakness in the US dollar against its major peers. The USD index trades -0.07% lower at 94.50, hovering close to multi-month troughs.
U.S Factory Orders in Focus.
The US factory orders and the labor market conditions report may have some impact on the gold markets, while the FOMC minutes due later this week remains the main risk event for the metal.

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