Gold price finally took off from lows and many subscribers asking me if gold made bottom already. Well its a tricky question as we are still some hours away from US GDP numbers. However yesterday US numbers were pretty mixed and that boosted gold prices. US unemployment claims rises unexpectedly which is a shocker as market was not expecting rise in jobless claims. This caused panic in Dow Jones Index and dollar index followed the suit. This directly resulted in higher xauusd prices. So if we receive weaker numbers today then we can safely assume gold has bottomed out already.

Unemployment claims caused the panic in dollar index but durable orders stopped that panic and did not let it fall. This restricted gold price yesterday and we could not cross resistance of 1282$ which i updated in my yesterday’s gold report. Gold tested 1282$ but could not cross that hurdle and fall back till 1278$.

Today we have major data which will determine the course of gold price for upcoming days. If GDP numbers are weak then we surely will see some good boost in xauusd price and may test 1290$- 1298$ if numbers are bad. However if numbers are better than expected then we may see big red in precious metals once again as market will react strongly against gold price if US GDP shows better than expected number.

For now gold price is trading at 1280.70$. Good support in xauusd chart stands at 1271$. If market break and sustain below 1271$. Then expect good pressure in intraday trading session today till 1265$- 1258$.

Resistance in xauusd chart stands at 1285.50$. If traders break and sustain above this resistance. Then expect gold price to rise in intraday trading session till 1292$- 1299$.

Conclusion: For now gold price is in positive zone so far so avoid major selling. If you have any position then make sure you use strict stop loss as we may see some wild move in market when GDP data comes.

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By marafat