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Gold strengthens ahead of the US jobless claims

FXStreet (Mumbai) - Gold prices have moved higher as investors await the weekly jobless claims data in the US, which shall provide more clues regarding the pace of economic recovery and job creation in the US economy.

Gold traded 0.22% higher at USD 1161.6/Oz levels at the time of writing, after having recovered from a low of USD 1153.4 hit during the onset of the European session. The yellow metal is inching higher since the markets expect the initial jobless claims in last week to have increased 280K, compared to the previous week’s reading of 278K. Furthermore, the JOLTS Job opening number for September is likely to show additions of 4800 jobs, compared to the previous reading 4835 jobs.

The yellow metal may extend gains if the jobless claims rise more than the market expectations. Moreover, Gold is inching higher despite of a rise in the US treasury yields.

Gold Technical levels

On the hourly chart, the metal has an immediate resistance at 1667.30, above which the gains could be extended to 1172.40. On the flip side, support is seen at 1153.40 and 1145.60.

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