* Spanish yields up, seen testing their euro-era highs * Bund futures lose some of their hefty post-ECB gains * Investors position for better U.S. non-farm payrolls By Marius Zaharia LONDON, Aug 3 (Reuters) - Spanish 10-year government bond yields headed higher on Friday after European Central Bank President Mario Draghi made clear any support for the troubled sovereign would not be forthcoming in the next few weeks. Draghi indicated on Thursday the bank may start buying government bonds again, but not before September, and only if countries asked to use the euro zone's rescue funds and accepted strict conditions and supervision. He also said any intervention would focus on short-dated bonds, leaving longer-term debt vulnerable to selling be investors who see Spain's borrowing costs are unsustainable. That disappointed those who expected imminent and bold action after Draghi said last week the ECB would do whatever was needed to preserve the euro. Spain and Italy said on Thursday it was premature to say whether they will seek the activation of EU mechanisms. "It is now rather clear that they will not intervene unilaterally in the short term. For any market participant this smells like a one-way street," said Elwin de Groot, senior market economist at Rabobank. Spanish 10-year yields were 13 basis points higher on the day at 7.36 percent and traders and analysts said they were likely to test euro-era highs of 7.78 percent hit last week. Italian yields were steady at 6.33 percent. Despite the prospect of ECB purchases of short-dated paper, two-year Spanish yields rose 15 bps to 4.7 percent. "The market is fed up with too much talk and no action," one trader said. However, Spain's debt markets may be able to avoid a hammering in the coming month. The government has no bond sales scheduled before Sept. 6 and some analysts say that once the ECB decides to intervene, it could be in force. "(Draghi's plans) may not be everyone's idea of 'willing to do whatever it takes ... and, believe me, it will be enough'," said Gary Jenkins, managing director of Swordfish Research in a note. "But if the euro zone can agree then it will potentially lead to significant intervention in the markets, the withdrawal of any doubt regarding the ability of Italy and Spain to fund themselves in the short term and much lower costs of borrowing for these countries than would otherwise be the case." He also warned that while the ECB said it would focus on short-dated paper, the euro zone's future permanent rescue fund, the ESM may focus on longer-dated debt. Draghi also highlighted the prospect of other unconventional measures, which could prevent investors from betting solely on safe-haven assets. Uncertainty remains high, however, as the ESM needs to receive a green light from the German Constitutional Court, which is expected to rule on it on Sept. 12. German Bund futures were 34 ticks lower on the day at 144.54, having risen 143 ticks on Thursday. Markets see a higher risk that the U.S. non-farm payrolls data comes out better than the consensus than below it, after a stronger-than-expected ADP private jobs report earlier this week. Such expectations weighed on Bunds. "We've had a big jump yesterday and people are taking a bit of profit before the non-farm payrolls just in case they come better than expected," the trader said. "For choice, I think the market still prefers to buy on dips, though."

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