Gold prices consolidated again on Thursday following two days of losses, but the bearish movement remains intact and the yellow metal is still set to post a third monthly decline this week.
The trade volume in the precious metals market has ebbed noticably ahead of US Thanksgiving holiday, but momentum kept lifitng stocks and Asian markets joined the rally in New York, as Wall Street closed at fresh record highs against the backdrop of better-than-expected jobs and confidence data.
Spot gold rose 0.21% to 1,240.90 as of 07:24 GMT, comparing with yesterday`s close at $1,237.90. The day`s range is so far between $1,235.21 and $1,242.28.
Expectations of stimulus tapering by the US Federal Reserve continue to weigh on bullion prices as the month nears to a close, while better-than-expected updates from the US labor market fueled concerns of an early reduction of the Fed`s gold-friendly stimulus.
The number of Americans filing for unemployment benifits fell unexpecteldy last week, while November Chicago PMI and final November reading for the Thompson Reuters/Univestiry of Michigan consumer sentiment index also beat expectations, suggesting that conditions continue to improve.
Strong data from the world`s largest economy oftens dents the gold`s safe haven appeal and boost stocks and high-yielding assets instead.
Technically, gold prices is still holding ground above the key support level of $1,234. However, we cannot assume the soft bullish movement will extend unless we recieve further proof of a breakout above the main intrday descending resistance, thus a breach to $1,252 will confirm the upside bias.
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Gold Holds Ground After Two-Day Slide
Published 11/28/2013, 02:15 AM
Updated 07/09/2023, 06:31 AM
Gold Holds Ground After Two-Day Slide
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