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David Becker
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Gold prices moved higher on Thursday, testing resistance levels as the dollar tumbling lower. The dollar declined as U.S. yields moved more down following a weaker than expected U.S. jobless claims report. Since the Fed is expected to keep rates lower for longer, yields at the long end of the interest rate curve have started to ease.

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Technical analysis

Gold prices moved higher following Wednesday’s respite in price action. Gold prices tested resistance is seen near the 50-day moving average at 1,763. Support is seen near the 10-day moving average at 1,725. Additional support is seen near the June lows at 1,670. Short-term momentum has turned positive as the fast stochastic generated a crossover buy signal. Medium-term momentum has turned positive as the MACD (moving average convergence divergence) index generated a crossover buy signal. This occurs as the MACD line (the 12-day moving average minus the 26-day moving average) crosses above the MACD signal line. The MACD histogram is printing in positive territory with an upward sloping trajectory which points to higher prices.

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U.S. Jobless Claims Rise More than Expected

U.S. jobless claims rose more than expected last week despite other healing signs in the jobs market. First-time claims for the week ended April 3 totaled 744,000, well above the expectation for 694,000. The total represented an increase of 16,000 from the previous week’s upwardly revised 728,000. The four-week moving average edged higher to 723,750. Continuing claims provided some good news on the labor front, with the total dropping 16,000 to 3.73 million. That’s the lowest level for continuing claims since March 21, 2020.

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