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14 May 2015
Gold inching higher ahead of weekly US jobless claims release
FXStreet (Mumbai) - Gold prices have strengthened moderately ahead of the weekly jobs data in the US. Fresh bids around USD 1213/Oz pushed the metal higher to the current price of USD 1218.6/Oz.
Gold gains as jobless claims seen rising
The metal is being bid higher in anticipation of an uptick in the weekly jobless claims. The data is expected to show initial claims ticked higher to 275K from the previous week’s 265K. Even the US Treasury yields have dipped, which provides further support to Gold.
The metal had witnessed stellar gains in the previous session as it rose more than USD 20 on the back of a weaker-than-expected US advance retail sales data.
Gold Technical Levels
The immediate resistance is located at 1224.4, above which gains could be extended to 1236.8 (Feb. 16 high). On the flip side, a break below 1215 could push the pair down to its 100-DMA located at 1210.43.
Gold gains as jobless claims seen rising
The metal is being bid higher in anticipation of an uptick in the weekly jobless claims. The data is expected to show initial claims ticked higher to 275K from the previous week’s 265K. Even the US Treasury yields have dipped, which provides further support to Gold.
The metal had witnessed stellar gains in the previous session as it rose more than USD 20 on the back of a weaker-than-expected US advance retail sales data.
Gold Technical Levels
The immediate resistance is located at 1224.4, above which gains could be extended to 1236.8 (Feb. 16 high). On the flip side, a break below 1215 could push the pair down to its 100-DMA located at 1210.43.