Gold Poised for Bullish Reversal amid US Jobless Claims Data

FXOpen

Gold inched lower on Friday, decreasing the price of yellow metal to less than $1290.00 an ounce following some key economic releases. The technical bias remains bullish because of a higher high in the recent upside move.

XAU/USD Technical Analysis

As of this writing, the precious metal is being traded near $1285 an ounce. A hurdle can be noted near $1300, a key psychological level ahead of $1357, the high of the last major upside rally on the daily chart and then $1400, the psychological level. A break and daily closing above the $1400 level shall trigger renewed buying interest, validating a rally towards the $1440 resistance zone.

Gold Poised for Bullish Reversal amid US Jobless Claims Data

On the downside, a support may be noted around $1270, an immediate horizontal support ahead of $1250, the psychological level as well as another key horizontal support area and then $1200, a major psychological number. The technical bias shall remain bullish as long as the $1200 support area is intact.

US Jobless Claims Data

The number of people who filed for unemployment assistance in the U.S. last week increased more than expected, official data showed on Thursday.

The number of individuals filing for initial jobless benefits in the week ending November 3 increased by 10,000 to a seasonally adjusted 239,000 from the previous week’s total of 229,000, the U.S. Department of Labor said.

Analysts expected jobless claims to increase by 2,000 to 231,000 last week.

The four-week moving average was 231,250, down 1,250 from the previous week. The monthly average is seen as a more accurate gauge of labor trends because it reduces volatility in the week-to-week data.

Trade Idea

Considering the overall technical and fundamental outlook, buying the precious metal around current levels appears to be a good strategy in short to medium term.

 

Trade over 50 forex markets 24 hours a day with FXOpen. Take advantage of low commissions, deep liquidity, and spreads from 0.0 pips. Open your FXOpen account now or learn more about trading forex with FXOpen.

This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

Stay ahead of the market!

Subscribe now to our mailing list and receive the latest market news and insights delivered directly to your inbox.

forex

Forex Trading with FXOpen

Forex Trading with FXOpen

Experience ECN technology for deep liquidity and light-speed trade execution

  • Access over 50 markets
  • Trade with spreads from 0.0 pips
  • Take advantage of commissions from $1.50/lot
Learn more

Latest articles

Nvidia Market Capitalisation Reaches $4 Trillion
Shares

Nvidia Market Capitalisation Reaches $4 Trillion

Yesterday, Nvidia’s (NVDA) share price surpassed $162 for the first time in history. As a result, the company’s market capitalisation briefly exceeded $4 trillion during intraday trading (according to CNBC), making Nvidia the first publicly listed company to

Bitcoin Price Eyes New All-Time High
Cryptocurrencies

Bitcoin Price Eyes New All-Time High

Yesterday, the price of Bitcoin rose by over 2%, surpassing its June high.

Several cryptocurrency platforms were quick to report that the BTC/USD pair had reached a new all-time high. Even if so, this morning’s slight pullback indicates

Analytical BTC Price Predictions: How Much May Bitcoin Be Worth in 2025–2030
Trader’s Tools

Analytical BTC Price Predictions: How Much May Bitcoin Be Worth in 2025–2030?

Bitcoin currently accounts for more than 60% of the entire crypto market. Its future is hotly debated, and in this article, we’ll take a look at Bitcoin’s price history, analytical predictions, and the factors that could drive its

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 60% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.