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Gold consolidates ahead of the US jobless claims

FXStreet (Mumbai) - Gold is trading sideways as the markets await the US weekly jobless claims data and the Industrial production data.

Gold prices have been hovering in a range of USD 1241/Oz to USD 1245/Oz, while the US Equity futures are pointing to a weak opening. The European markets have more or less stabilized near day’s low levels during the last couple of hours.

Markets are expecting a minor rise of 3K in the US Initial Jobless claims for the week ended Oct 11, while the Industrial production in September is expected to have grown by 0.4%. Gold prices may re-test USD 1250/Oz levels if the initial jobless claims rise more than the market forecast. On the other hand, prices may decline below USD 1240/Oz levels if the jobless claims data surprises on the downside.

Gold Technical levels

Prices are trading in a narrow range of 1241 to 1245, Gold can extend gains to 1250 levels if the 1245 level is taken out. On the flip side, prices may fall to 1238 levels if Gold fails to sustain above 1241 levels.

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