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Gold Price Remains In Uptrend Above $1254 Vs US Dollar

Key Points

  • There was a nice upside move in Gold price above $1250 against the US Dollar.
  • The price remains supported near a crucial bullish trend line with support at $1252 on the hourly chart.
  • Recently in the US, the Initial Jobless Claims for the week ending 22nd July 2017 was released by the US Department of Labor.
  • The outcome was below the forecast, as there was a rise from the last reading of 234K (revised) to 244K.

Gold Price Technical Analysis

Recently, there was a nice upside move in Gold price, as it moved above the $1250 and $1260 levels against the US Dollar. The price later faced sellers near $1265 and started a downside move towards $1255 and the 21 hourly simple moving average.

Gold Price Technical Analysis

The price has already tested the 50% Fib retracement level of the last wave from the $1244 low to $1265 high, and bounced back.

On the downside, there is a crucial bullish trend line with support at $1252 on the hourly chart. The price is likely to remain above the $1254-50 support area in the near term and could trade back higher.

US Initial Jobless Claims

Recently in the US, the Initial Jobless Claims for the week ending 22nd July 2017 was released by the US Department of Labor. The market was positioned for an increase from the last reading of 233K to 241K.

The actual result was below the forecast, as there was a rise from the last reading of 234K (revised) to 244K. The report added that:

The previous week’s level was revised up by 1,000 from 233,000 to 234,000. The 4-week moving average was 244,000, unchanged from the previous week’s revised average. The previous week’s average was revised up by 250 from 243,750 to 244,000.

Overall, Gold price remains buy on dips as long as the 21 hourly SMA, trend line and support at $1250 is intact.

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