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COZfx: Gold falls to session low after upbeat US jobless claims data

Discussion in 'Analisa Fundamental' started by harryer, May 10, 2013.

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  1. harryer

    harryer Member

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    COZforex: Gold futures were under pressure on Thursday, falling to the lowest level of the day after data showed that the number of people who filed for unemployment assistance in the US fell to the lowest level since January 2008 last week.

    Any improvement in the US economy could scale back expectations for further easing from the Federal Reserve. Moves in the gold price this year have largely tracked shifting expectations as to whether the US central bank would end its bond-buying program sooner-than-expected.

    On the Comex division of the New York Mercantile Exchange, gold futures for June delivery traded at USD1, 461.75 a troy ounce amid US morning hours, down 0.8% on the day. Comex gold prices declined by as much as 1% earlier in the session to hit a daily low of USD1, 460.55 a troy ounce.
    Gold prices were likely to find support at USD1, 439.75 a troy ounce, the low from May 1 and near-term resistance at USD1, 487.15, the high from May 3.

    Gold’s losses deepened after the US Department of Labour said the number of individuals filing for initial jobless benefits in the week ending May 4 dropped by 4,000 to a seasonally adjusted 323,000, compared to expectations for an increase of 8,000 to 335,000.

    Continuing jobless claims in the week ended April 27 fell to 3.005 million, the lowest since May 2008. Analysts had expected continuing claims to decline to 3.020 million from last week’s revised figure of 3.032 million. Gold prices were modestly lower ahead of the data, with investors hesitant to extend the previous session’s strong gains as bearish chart signals remained intact.

    Gold futures rise more than 1.5% on Wednesday, amid indications of surging demand for the precious metal in China, the world's second largest gold consumer. However, sentiment remained downbeat as the precious metal continued to trade below the key psychological USD1, 500-level, indicating chart signals remain bearish.

    Official data showed that consumer prices in China rise 2.4% in April from a year earlier, above expectations for a 2.3% increase and accelerating from a 2.1% rate of increase in March. The faster-than-expected increase in China’s inflation rate dampened hopes policy makers in Beijing could introduce fresh easing measures to boost economic growth in the world’s largest copper consumer.

    (COZ forex UK)
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