Gold price rebounds, only temporary?
“Jobless Claims ticks up, halting greenbacks ascend temporarily.”
US dollar paused its recent rally, eased slightly from three-months high after total Jobless Claims in the US implied possible softening in labour market conditions. Last week, Initial Jobless Claims rose by 211,000, slightly higher than forecast of 195,000 and the week prior’s reading of 190,000. Nonetheless, with overall optimism spurred by Federal Reserve remains intact, the losses experienced by US dollar were rather limited. The focus now will be turned towards Nonfarm Payrolls report which could offer more clues on Fed’s next policy move.
Technical Analysis
GOLD, H4: Gold price remains within a sideways channel following prior rebound from 1808.10. We expect the bullion to continue oscillate within the channel in the short-term. Nonetheless, mid-term trend is still biased towards bearish once a close below recent support has been attained.
Resistance level: 1848.85, 1891.35
Support level: 1808.10, 1767.70
—
Risk Warning: The above content is for reference only, and does not represent ZFX’s position. ZFX does not assume any form of loss caused by any trading operations carried out in accordance with this article. Please be firm in your thinking and do the corresponding risk control.
ZFX (Zeal Capital Market) is an FCA & FSA licensed online Forex & CFD broker providing more than 100 products for Forex, commodities, stock indices, and share CFDs. Open a trading account with min. USD 50 deposit and download our MT4 trading platform now!