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8 Jan 2015
Gold recovers losses as jobless claims rise
FXStreet (Mumbai) - Gold prices recovered losses after the labor department data in the US showed initial jobless claims rose more than expected.
The yellow metal now trades 0.08% higher for the day at USD 1211.70/Oz levels. The metal recovered from USD 1206 level after the labor department data showed initial jobless claims rose to 294K, beating the expected print of 290K. Continuing claims also came-in at 2.452M, beating the expectation of 2.368M. The bearish data pushed the 10-yr Treasury yield in the US to 2.98% from the pre-data level of 2.002%, which supported gains in the yellow metal.
Gold Technical Levels
Gold has an immediate support located at 1202.22 (50-DMA), under which the metal could test 1195.98 (10-DMA). Meanwhile, resistance is seen at 1214.1 and 1220.00 levels.
The yellow metal now trades 0.08% higher for the day at USD 1211.70/Oz levels. The metal recovered from USD 1206 level after the labor department data showed initial jobless claims rose to 294K, beating the expected print of 290K. Continuing claims also came-in at 2.452M, beating the expectation of 2.368M. The bearish data pushed the 10-yr Treasury yield in the US to 2.98% from the pre-data level of 2.002%, which supported gains in the yellow metal.
Gold Technical Levels
Gold has an immediate support located at 1202.22 (50-DMA), under which the metal could test 1195.98 (10-DMA). Meanwhile, resistance is seen at 1214.1 and 1220.00 levels.