Jobless claims rise less than expected
Gold prices were nearly unchanged, edging lower and forming a doji day. Gold prices were able to gain traction despite a lower dollar on Thursday as US yields edged slightly higher. The US treasury yield uptick followed a more substantial than expected decline in US jobless claims released by the Department of Labor on Thursday.
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Gold prices attempted to move higher but could not gain additional traction above support seen near the 10-day moving average at 1,715. Target resistance is now seen near the 50-day moving average at 1,1816. Additional support is seen near the June lows at 1,670. Short-term momentum is positive as the fast stochastic generated a crossover buy signal. The fast stochastic has moved out of oversold territory, which also reflects positive momentum. Medium-term momentum remains negative as the AMCD histogram is printing in negative territory but the trajectory is rising which points to consolidation. The MACD line is poised to generate a crossover buy signal which reflects accelerating positive momentum.
Weekly jobless claims rose less than expected last week. Still, they remained above pre-pandemic levels. The Labor Department reported that first-time filings for unemployment insurance in the week ended March 6 totaled 712,000, below the estimate of 725,000. Continuing claims again decreased, falling 193,000 to 4.1 million, another pandemic-era low, in data that runs a week behind the headline claims number.
David Becker focuses his attention on various consulting and portfolio management activities at Fortuity LLC, where he currently provides oversight for a multimillion-dollar portfolio consisting of commodities, debt, equities, real estate, and more.