29 Jan 2015
Gold wavers after weekly jobless claims in the US fall
FXStreet (Mumbai) - Gold prices fell to a low of USD 1265/O, only to recover back to USD 1271, a level seen before the release of the strong weekly jobless claims data in the US.
Jobless claims at lowest level since 2000, Gold steadies around USD 1270
The labor department data in the US showed a number of individuals filing for unemployment benefits fell 43,000 to 265,000 in the week that ended Jan. 24, hitting the lowest tally in 14 years. However, Gold remained largely uninspired after recovering from a quick slump as analysts cautioned over reading too much into claims reports this time of the year, citing volatility from the holidays and weather.
Gold prices have steadied around USD 1270/Oz levels post the data release. The metal is now down 1.27% for the day mainly as the interest rate hike expectations in the US remained unchanged post the FOMC statement yesterday.
Gold Technical Levels
The immediate support is seen at 50-WMA located at 1266.76, under which losses could be extended to 1250.16 (5-WMA). On the flip side, the resistance is seen at 1272.3 and 1280.00 levels.
Jobless claims at lowest level since 2000, Gold steadies around USD 1270
The labor department data in the US showed a number of individuals filing for unemployment benefits fell 43,000 to 265,000 in the week that ended Jan. 24, hitting the lowest tally in 14 years. However, Gold remained largely uninspired after recovering from a quick slump as analysts cautioned over reading too much into claims reports this time of the year, citing volatility from the holidays and weather.
Gold prices have steadied around USD 1270/Oz levels post the data release. The metal is now down 1.27% for the day mainly as the interest rate hike expectations in the US remained unchanged post the FOMC statement yesterday.
Gold Technical Levels
The immediate support is seen at 50-WMA located at 1266.76, under which losses could be extended to 1250.16 (5-WMA). On the flip side, the resistance is seen at 1272.3 and 1280.00 levels.