18 Dec 2014
Unmoved by jobs data, Gold awaits US Service PMI data
FXStreet (Mumbai) - Gold trades largely unchanged despite the labor department data in the US showed a decline in the initial jobless claims in the last week.
The yellow metal trades around USD 1204/Oz levels. Weekly initial unemployment insurance claims fell to 289,000 from 295,000 a week ago, lower than the 295,000 forecast by economists. The four-week average, a more accurate measure of labor market strength, has declined to 298,750 from 299,500 a week ago.
However, the yellow metal has shrugged-off the labor market strength. In fact, prices have inched slightly higher ahead of the Markit service PMI data due for release at 14:45 GMT.
Gold Technical Levels
Gold has an immediate resistance located at 1208, above which prices could re-test the day high of 1213.80. Meanwhile, support is seen at 1200.00 and 1194.00 levels.
The yellow metal trades around USD 1204/Oz levels. Weekly initial unemployment insurance claims fell to 289,000 from 295,000 a week ago, lower than the 295,000 forecast by economists. The four-week average, a more accurate measure of labor market strength, has declined to 298,750 from 299,500 a week ago.
However, the yellow metal has shrugged-off the labor market strength. In fact, prices have inched slightly higher ahead of the Markit service PMI data due for release at 14:45 GMT.
Gold Technical Levels
Gold has an immediate resistance located at 1208, above which prices could re-test the day high of 1213.80. Meanwhile, support is seen at 1200.00 and 1194.00 levels.