Gold Price Remains in Uptrend above $1285 Vs US Dollar

Gold Price Remains in Uptrend above $1285 Vs US Dollar

  • – Gold price moved higher recently and traded above the $1285 resistance area against the US Dollar.
  • – There was a break above a key bearish trend line with resistance at $1286.50 on the hourly chart of gold versus the USD.
  • – Recently in the US, the Initial Jobless Claims report for the week ending Nov 18, 2017 was released by the US Department of Labor.
  • – The outcome was above the forecast of 240K, as there was a decline in claims to 239K.

 

US Initial Jobless Claims

Recently in the US, the Initial Jobless Claims report for the week ending Nov 18, 2017 was released by the US Department of Labor. The market was positioned for a decline in the claims from 249K to 240K.

 

The actual result was above the forecast of 240K, as there was a decline in claims to 239K. On the other hand, the last reading was revised up from 249K to 252K. Therefore, the overall decrease was more than the market expected which is by 13K.

 

There was a correction initiated in gold price, but it remains supported above the $1285 and $1282 levels in the near term.

 

Gold Price Technical Analysis

There was a nice upside move initiated from the $1274.46 low in Gold price against the US Dollar. The price gained a lot of momentum and was able to move above the $1285 resistance to settle above the 100 hourly simple moving average.

 

Gold Price Technical Analysis

 

During the upside, there was a break above a key bearish trend line with resistance at $1286.50 on the hourly chart of gold versus the USD. The price traded as high as $1294.67 and is currently correcting lower. It is currently trading near the 23.6% Fib retracement level of the last wave from the $1274.46 low to $1294.67 high.

 

There is a major support area near $1286 since it is close to the broken trend line and the 38.2% Fib retracement level of the last wave from the $1274.46 low to $1294.67 high.

 

As long as the price is above $1285, $1282 and the 100 hourly SMA, there can be more gains in the short term toward $1295 or even $1300.


Also published on Medium.

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