Back
5 Feb 2015
Gold extends losses
FXStreet (Mumbai) - Gold prices have extended losses after an upbeat weekly jobless data in the US and due to a strong opening on the Wall Street.
Gold trades below USD 1260
The metal dipped below USD 1260/Oz levels as the US stocks gained strength. At the time of writing, the DJIA was up 0.62% at 17,783.50 levels. The metal also received support from a slower-than-expected rise in the jobless claims last week. The labor department data showed the initial jobless claims in the week ended Jan. 31 rose by 11K to 278K, missing the expected print of 290K, and up from the last week’s upwardly revised 267K.
Gold Technical Levels
The metal trades 0.44% lower at USD 1259.20/Oz levels. The immediate resistance is located at 1271 (5-DMA) and 1275.77 (10-DMA) levels. Meanwhile, support is seen at 1255.2 and 1251.9 levels.
Gold trades below USD 1260
The metal dipped below USD 1260/Oz levels as the US stocks gained strength. At the time of writing, the DJIA was up 0.62% at 17,783.50 levels. The metal also received support from a slower-than-expected rise in the jobless claims last week. The labor department data showed the initial jobless claims in the week ended Jan. 31 rose by 11K to 278K, missing the expected print of 290K, and up from the last week’s upwardly revised 267K.
Gold Technical Levels
The metal trades 0.44% lower at USD 1259.20/Oz levels. The immediate resistance is located at 1271 (5-DMA) and 1275.77 (10-DMA) levels. Meanwhile, support is seen at 1255.2 and 1251.9 levels.