24 December 2014, 17:51  Gold declines after US weekly jobless claims fall

Gold prices slid after the labor department in the US reported weekly initial jobless claims at a 7-week low for the week ended Dec. 20. The Yellow metal now trades 0.27% lower at the day’s low of USD 1174/Oz levels, compared to the previous session’s close of USD 1178/Oz levels. The metal came under pressure since the initial jobless claims for the last week dropped 9,000 to a seasonally adjusted 280,000; a fourth straight week of declines in claims. The four-week moving average of claims, a better indicator of labor market trends, also declined by 8,500 to 290,250 last week. The strong labor market data comes a day after the commerce department in the US confirmed US third quarter GDP at 5.0%. Gold has an immediate support located at 1170.70 (Dec. 22 low), under which losses could be extended to 1160.50 (Oct. 31 low). Meanwhile, resistance is seen at 1181.10 and 1184.90 levels.

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