•There is resistance at 1361
•1331 is providing support. This line could face pressure in the North American session
•Current range: 1331 to 1361
Further levels in both directions:
•Below: 1331, 1307 and 1279
•Above: 1361, 1388, 1416 and 1447
XAU/USD ratio is showing movement towards long positions. Currently, long positions command a strong majority (64%), indicative of trader bias towards XAU/USD reversing directions and moving upwards.
Gold prices are lower on Friday, as the metal trades at $1339.52 in the North American session. It’s a quiet end to the trading week, with no US releases on the schedule.
US indicators were positive on Thursday and continue to boost the US dollar. US unemployment claims dropped to 262 thousand, beating the forecast of 269 thousand. This marked a five-week low for the key indicator and points to a labor market that is not only robust, but is approaching full capacity. On the manufacturing front, the Philly Fed Manufacturing Index gained 2.0 points, rebounding nicely from a decline of -2.9 points in the previous release. This figure beat the estimate of 1.4 points.