- Gold price recently made a nice upside move and traded above the $1280 level against the US Dollar.
- There is a bearish trend line with resistance at $1288 forming on the hourly chart vs the USD.
- Recently in the US, the Initial Jobless Claims for the week ending August 12 was released by the US Department of Labor.
- The outcome was above the forecast, as there was a decline from 244K to 232K in claims.
Gold Price Technical Analysis
There were decent gains in Gold price above $1265 support zone against the US Dollar. The price traded with a positive bias, and was able to break an important resistance at $1280.
It even attempted a break above the $1290 level, but failed to maintain the bullish momentum and corrected a few points lower.
There was a downside move towards the $1282-81 levels where the price found support.
Gold Price Hourly Chart
The upside move was protected by a bearish trend line with resistance at $1288 on the hourly chart. On the downside, an initial support is around the 50% Fib retracement level of the last wave from the $1281.77 low to $1289.31 high.
However, the most important one is near $1282 where a connecting bullish trend line is positioned to protect declines.
As long as the price stays above the $1280 level, there are chances of it gaining traction and moving higher in the near term.
US Initial Jobless Claims
Recently in the US, the Initial Jobless Claims for the week ending August 12 was released by the US Department of Labor. The forecast was lined up for a decline from the last reading of 244K to 240K.
The actual result was above the forecast, as there was a decline from 244K to 232K in claims. The 4-week moving average was down by 500 to 240,500 from the last week’s unrevised average of 241,000. The report added that:
The advance number for seasonally adjusted insured unemployment during the week ending August 5 was 1,953,000, a decrease of 3,000 from the previous week’s revised level.
Overall, gold price may continue to trade in a range before making an upside move above the $1288 level in the near term.