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Gold finds support in the uptick in jobless claims

FXStreet (Mumbai) - Gold prices stabilized after the labor department in the US reported a rise in the jobless claims during the week ended Nov. 14.

Gold trades around USD 1192/Oz levels after having recovered from a pre-data low of USD 1186. The metal remained resilient even though the US CPI remained unchanged at 1.7% in October despite the fall in energy prices. Moreover, the prices received support from the initial jobless claims for the last week printed higher than market expectation at 291K.

The yellow metal now awaits the flash PMI manufacturing data, which is expected to show manufacturing activity gained momentum in November. Meanwhile, existing home sales are expected to decline 0.3% month-on-month in October.

Gold Technical Levels

The metal has a strong resistance of 50-SMA located at 1204.73, above which a major resistance is seen at 1240 levels (100-SMA). Meanwhile, immediate support is seen at the 5-SMA level located at 11859.68.

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