Gold is trading quietly on Thursday, as the spot price stands at $1196 per ounce. On the release front, US markets are closed for the Thanksgiving holiday, so traders can expect light trading during the day.
The US released a host of key data on Wednesday and the numbers were weak across-the-board. Unemployment Claims jumped to 313 thousand, its highest level since mid-September. Core Durable Goods Orders declined 0.9%, its third decline in four readings. The estimate stood at 0.5%. New Home Sales fell to a 3-month low, dropping to 458 thousand. This was short of the estimate of 471 thousand. Pending Home Sales was no better, declining by 1.1%, well off the estimate of 0.9%. There was better news from UoM Consumer Sentiment, which posted a fourth straight gain, rising to 88.8 points. However, this was short of the estimate of 90.2 points. Despite the disappointing numbers, gold was unable to take advantage and move higher against the dollar.
XAU/USD November 27 at 10:55 GMT
XAU/USD 1196.54 H: 1199.65 L: 1185.68
XAU/USD Technical
| S3 | S2 | S1 | R1 | R2 | R3 |
| 1130 | 1156 | 1175 | 1200 | 1215 | 1240 |
- XAU/USD lost ground in the Asian session but then recovered. The pair is unchanged in the European session.
- 1175 is an immediate support level.
- 1200 is a weak resistance line. 1215 is next.
- Current range: 1175 to 1200.
Further levels in both directions:
- Below: 1175, 1156, 1130 and 1111
- Above: 1200, 1215, 1240, 1255 and 1275
OANDA’s Open Positions Ratio
XAU/USD ratio is unchanged on Thursday. This is consistent with the lack of movement we’re seeing from the pair. The pair is close to a split between long and short positions, indicative of a lack of trader bias as to what to expect from the pair.
XAU/USD Fundamentals
- There are no US releases on Thursday.