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Gold unchanged after jobless claims data

FXStreet (Mumbai) - Gold is trading largely unchanged after the US jobless claims data. Prices are hovering around USD 1235/Oz, a level Gold was trading at just before the data release.

The initial jobless claims for the last week did inch higher than the market expectation. However, the four-week average of the jobless claims has declined to the levels last seen in May 2000. Gold prices have failed to react to the claims data despite the ten-year treasury yields rising to the day’s high of 2.257%.Moreover, the strength in the US equity futures and the losses in the Us Dollar index has restricted Gold around USD 1235/Oz levels.

Gold prices may also find support from the festive demand from India at lower levels.

Gold Technical levels

Gold is likely to decline to 1230-1227 levels as the hourly indicators point to a further sell-off in the pair. Meanwhile, the daily RSI at 50.93, is yet to give a convincing move on the upside. Gold has an immediate resistance of 1240 levels.

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