-
Gold shows retracement to $2498, Important support at $2491.
-
Traders cautious ahead of Jobless Claims and PMI.
-
Uptrend needs break above $2507-$2520.
-
Better than expected numbers may drag Gold to $2491-$2483-$2478.
-
Major Support seen at $2451.
Gold shows sideways to bearish bias as price breaks below psychological handle $2500 briefly testing $2496 as traders look cautious ahead of upcoming Initial Jobless Claims as well as Manufacturing and Services PMI data that is likely to impact short term range.
Better numbers are supposed to put Gold under pressure and reaction to $2491 will be worth monitoring as break below this zone will be seen as break of ascending channel support and will be a turning point for further decline which may find next support at $2483-$2478.
Major support is seen located at $2451.
If Gold manages to break above $2507, way opens to further advance towards next resistance $2512-$2520 which is essential check point for reclaiming uptrend and retesting $2532.
The views of the article are based on price action studies, technical analysis and chart-based studies. The author does not hold positions on items he writes about. The views expressed are for educational purposes and are not trading advice.
Recommended Content
Editors’ Picks
AUD/USD struggles near multi-month low below 0.6500 after Aussie jobs report
AUD/USD hangs near its lowest level since August 6 below the 0.6500 level following the release of rather unimpressive Australian employment details for October. Meanwhile, RBA Governor Michele Bullock said earlier on that interest rates were restrictive enough and will not rise any further.
USD/JPY briefly pops 156.00 on firmer US Dollar
USD/JPY holds firm near its highest level since July 24, having briefly popped 156.00 in the Asian session on Thursday. The continuation of the Trump trade lifts the US Dollar to yearly highs while Japan's stimulus plans fail to inspire the Yen. Traders watch out for any Japanese internvetion risks.
Gold downside appears unabated, with eyes on Fed Chair Powell
Gold price is sitting at its lowest level in two months near $2,560 early Thursday, as buyers eagerly await US Federal Reserve Jerome Powell’s speech for a brief respite.
XRP's open interest drops over 10% amid struggles near $0.7440 resistance
Ripple's XRP is trading near $0.6900, down nearly 3% on Wednesday, as declining open interest could extend its price correction. However, other on-chain metrics point to a long-term bullish setup.
Trump vs CPI
US CPI for October was exactly in line with expectations. The headline rate of CPI rose to 2.6% YoY from 2.4% YoY in September. The core rate remained steady at 3.3%. The detail of the report shows that the shelter index rose by 0.4% on the month, which accounted for 50% of the increase in all items on a monthly basis.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.