FXStreet (Mumbai) – Gold prices trade dead flat ahead of the weekly jobless claims data in the US and speech from the Fed officials.
Focus on Yellen speech
The main event for the day is Yellen’s speech. The December rate hike is widely considered as done deal and the tone of Yellen’s comments could provide a hint at the size of the lift-off (25bps or less than 25bps). Other policymakers – Yellen, Bullard, Dudley, Evans, Lacker – are also likely to talk up Dec rate hike bets.
Meanwhile, the weekly jobless claims figure may not have much impact on prices unless the figure is shockingly weak or strong.
At the moment, the metal is trading around USD 1085/Oz. Related markets like the Treasuries are trading flat as well.
Gold Technical Levels
The immediate resistance is seen at 1089.00 (hourly 50-MA), above which the prices could test 1100. On the other side, support is seen at 1084.20 (Wednesday’s low), under which the losses could be extended to 1070 (July lows).
(Market News Provided by FXstreet)