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In the week ended July 4, the advanced figure for seasonally adjusted initial unemployment claims was 297,000, 15,000 above the previous week's revised level.
The yellow metal rebounded from a 4-month low at yesterday's session after the FOMC minutes. Gold bulls managed to hold mild gains for 2 consecutive sessions.
On a closing basis, $1,155.00 acts as a key level to watch. On the down side, $1,151.00 acts asa multi-support level. In all time frames, the precious metal lost all the moving averages. On the higher side, $1,165.00 and $1,175.00 act as strong resistance levels to watch. In case of a daily close above $1,175.00, the bullish view will lighten. The parallel support is found at $1,142.50.
A daily close below $1,148.00 is expected to open gates to re-test previous lows of $1,142.50 and $1,135.00 initially extending further later. At eysterday's session we forecasted buying available above $1,160.00 with targets at $1,162.00, $1,164.00, and $1,167.00. The metal hit a high at $1,167.50.
According to the world gold council, Turkey reported 6% of global consumer demand. The Ramadan will end on July 16th. It's a culture in the Turkey after the Ramadan, people willing to buy gold in the account of Seker Bayrami festival also known as The sugar Feast. We expect mild physical buying during these days.
Intraday support is found at $1,157.00 and $1,154.00. Intraday resistance is seen at $1,167.50, $1,171.00, and $1,175.00. Buying will accelerate above $1,168.00 towards $1,175.00. The real bullish strength is expacted to be seen above $1,176.00. On the down side, selling is available below $1,157.00 with targets at $1,154.00,$1,151.00, and $1,148.00. Safe selling will be triggered below $1,146.00 towards $1,143.00. Panic will be triggered below $1,142.00.
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