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James Hyerczyk
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Comex Gold

Gold futures are edging higher on Thursday as U.S. Treasury yields continued to pullback, dragging down the U.S. Dollar. Meanwhile, investors positioned themselves ahead of the U.S. weekly jobless claims and March retail sales reports that could offer further clarity as to the strength of the U.S. economic recovery.

At 08:53 GMT, June Comex gold futures are trading $1747.00, up $10.70 or +0.62%.

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U.S. Treasury yields drifted lower on Thursday morning, ahead of the release of weekly jobless claims and monthly retail sales data.

The initial jobless claims report is expected to show another 710,000 claims were filed for the first time during the week-ended April 10. March retail sales are also set to come out at 12:30 GMT and are expected to have jumped 6.1%, versus a 3% decline in February.

Daily June Comex Gold

Daily Swing Chart Technical Analysis

The main trend is up according to the daily swing chart. A trade through $1759.40 will signal a resumption of the uptrend. The trend will change to down on a trade through $1723.20.

On the downside, the first support is a minor 50% level at $1718.40. This is followed by a major Fibonacci level at $1711.90.

The market is currently testing a short-term 50% level at $1746.90.

The next two resistance levels are another short-term 50% level at $1767.60, followed by a major 50% level at $1788.50.

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Daily Swing Chart Technical Forecast

The direction of the June Comex gold futures contract on Thursday is likely to be determined by trader reaction to $1746.90.

Bullish Scenario

A sustained move over $1746.90 will indicate the presence of buyers. If this move creates enough upside momentum then look for a possible surge into $1759.40 then $1767.60. Overcoming the latter could trigger an acceleration into the major 50% level at $1788.50.

Bearish Scenario

A sustained move under $1746.90 will signal the presence of sellers. This could trigger a break into the main bottom at $1723.20, followed by a pair of retracement levels at $1718.40 and $1711.90.

The trigger point for the next acceleration to the downside is the long-term Fibonacci level at $1711.90.

For a look at all of today’s economic events, check out our economic calendar.

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