23 Oct 2014
Gold unchanged after jobless claims data
FXStreet (Mumbai) - Gold is trading largely unchanged after the US jobless claims data. Prices are hovering around USD 1235/Oz, a level Gold was trading at just before the data release.
The initial jobless claims for the last week did inch higher than the market expectation. However, the four-week average of the jobless claims has declined to the levels last seen in May 2000. Gold prices have failed to react to the claims data despite the ten-year treasury yields rising to the day’s high of 2.257%.Moreover, the strength in the US equity futures and the losses in the Us Dollar index has restricted Gold around USD 1235/Oz levels.
Gold prices may also find support from the festive demand from India at lower levels.
Gold Technical levels
Gold is likely to decline to 1230-1227 levels as the hourly indicators point to a further sell-off in the pair. Meanwhile, the daily RSI at 50.93, is yet to give a convincing move on the upside. Gold has an immediate resistance of 1240 levels.
The initial jobless claims for the last week did inch higher than the market expectation. However, the four-week average of the jobless claims has declined to the levels last seen in May 2000. Gold prices have failed to react to the claims data despite the ten-year treasury yields rising to the day’s high of 2.257%.Moreover, the strength in the US equity futures and the losses in the Us Dollar index has restricted Gold around USD 1235/Oz levels.
Gold prices may also find support from the festive demand from India at lower levels.
Gold Technical levels
Gold is likely to decline to 1230-1227 levels as the hourly indicators point to a further sell-off in the pair. Meanwhile, the daily RSI at 50.93, is yet to give a convincing move on the upside. Gold has an immediate resistance of 1240 levels.