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Gold strength capped by the fall in the US Jobless claims

FXStreet (Mumbai) - Gold prices saw a minor decline after the official data in the US showed the number of individuals filing for jobless benefits for the week ended Oct 4 rose by 287K; well below the market expectation of 295K.

On similar lines, the continuing claims declined to 2,381K, from 2,402K in the preceding month. Gold prices declined from USD 1228.40/Oz to USD 1226.40/Oz post the release of the Jobless claims data.

However, the fall is unlikely to sustain as both the Initial Claims and the Continuing Claims for the previous reporting period have been revised upwards. Plus, the US Equity futures are now trading in the red, pointing to a weak opening.

Gold Technical levels

Gold has an immediate resistance around 1230-1232 levels, while the immediate support is located at 1225.50-1225.30.

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