By: Clara Denina

London 04/11/2011 - Gold swung in rangebound trade in Europe on Friday morning, with macroeconomic uncertainty still dominating business, leaving investors cautious ahead of a Greek confidence vote and key US jobs data later today.

Spot was down just $1 at $1,757.30/1,758.10 per ounce, having climbed 1.9 percent to a six-week high of $1,768 per ounce in the previous session.

On the charts, the next support levels are pegged at $1,715 and 100-day moving average of $1,683, while resistance stands at $1,768.

Meanwhile, a weekly close above $1,750, which is a good sign from a technical perspective, would be very positive for the near-term outlook, according to broker Credit Suisse.

Contradictory and confusing reports on the possibility that the referendum called by Greek Prime Minister George Papandreou of the proposed EU bailout would take place unnerved wider markets in the previous session, boosting safe-haven demand for precious metals.

Papandreou is awaiting the results of a confidence vote after the referendum was scrapped, raising doubts that his government can survive much longer.

Meanwhile, G20 leaders will today turn their attention towards boosting the International Monetary Fund (IMF) - which currently has $950 billion in resources - enabling it to deal with the debt crisis and avoid debt contagion to major economies such as Italy.

This comes after speculation that China is taking its time to decide whether to step in and invest in any bailout package for Europe.

As well as closely watched jobs data out of the US, the main event will be the conclusion of the G20 summit, with the day's unpredictable newsflow likely to determine whether this week ends in risk-on or risk-off mode.

Yesterday, the commodity and equity complexes benefitted by a surprise interest rate cut by the European Central Bank (ECB) to 1.25 percent.

The US dollar fell to 1.383 against the euro, while European equities traded choppily ahead of the release of US non-farm payroll data for October, scheduled for this afternoon. Analysts expect an increase to around 95,000 or 96,000 jobs.

"Despite the non-farm payrolls data scheduled today, the debt situation in Europe seems likely to remain the dominant feature, particularly after ECB president Mario Draghi suggested the eurozone could be heading for a 'mild recession'," FastMarkets analyst James Moore said.

Among other precious metals, silver rose 19 cents to $34.44/34.47 per ounce. Platinum was flat at $1,633/1,643, down just 50 cents, while palladium fell $3 to $653.50/$658.50.

"There was some Japanese selling of platinum as Tokyo's markets returned from holiday but prices recovered on buying in Hong Kong," a trader said.


(Editing by Mark Shaw)