Back
28 May 2015
Gold remains under pressure at USD 1186/Oz
FXStreet (Mumbai) - Gold prices witnessed a minor jump to USD 1188.9/Oz on the back of a rise in the weekly jobless claims in the US. However, the strong USD ensured the gains were quickly erased.
Gold stays weak as USD strengthens
The US dollar extended gains across the board as the labor department data showed initial jobless claims below the 300K mark for the 12th straight week. The consistent performance indicates the labor markets stays resilient to the recent slowdown in the economy. Consequently, gold was unable to rise even though the initial claims rose more than expected to 282K in the week ended May 23.
Ahead in the day, the metal could be influenced by the Pending home sales and the overall sentiment on the Wall Street.
Gold Technical Levels
The immediate resistance is located at 1195.12 (5-DMA), above which the metal could extend gains to 1199.85 (50-DMA). On the flip side, a break below 1183.4 could push the metal down to 1178.00 levels.
Gold stays weak as USD strengthens
The US dollar extended gains across the board as the labor department data showed initial jobless claims below the 300K mark for the 12th straight week. The consistent performance indicates the labor markets stays resilient to the recent slowdown in the economy. Consequently, gold was unable to rise even though the initial claims rose more than expected to 282K in the week ended May 23.
Ahead in the day, the metal could be influenced by the Pending home sales and the overall sentiment on the Wall Street.
Gold Technical Levels
The immediate resistance is located at 1195.12 (5-DMA), above which the metal could extend gains to 1199.85 (50-DMA). On the flip side, a break below 1183.4 could push the metal down to 1178.00 levels.