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Gold prices testing resistance at $1,900 as U.S. weekly jobless claims drop below 800K

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Jan 3, 2021 Precious Metals News Comments Off on Gold prices testing resistance at $1,900 as U.S. weekly jobless claims drop below 800K



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(Wallace Refiners) – Gold prices are testing resistance around $1,900 in the final trading day of 2020 even as fewer-than-expected Americans applied for first-time unemployment benefits.

Although initial weekly jobless claims are still elevated compared to historical levels, the number of claims last week fell below 800,000 for the first time in nearly a month.

Thursday, the Labor Department said that 787,000 Americans filed for first-time U.S. jobless claims in the week to Saturday a drop of 19,000 from the previous week’s revised level of 806,000.

The drop in jobless claims was slightly better than expected. According to consensus forecasts, economists were expecting to see claims of around 832,000.

The four-week moving average for new claims – often viewed as a more reliable measure of the labor market since it smooths out week-to-week volatility – rose to 836,750, up 17,750 claims from the previous week.

Continuing jobless claims, the number of people already receiving benefits and reported with a one-week delay, fell to 5.219 million for the week ending Dec. 19. Continuing claims dropped 103,000 claims from the previous week, the government said.

The last U.S. economic report of 2020 is not having much impact on gold prices. February gold futures last traded at $1,901.20 an ounce, up 0.41% on the day.



Disclaimer: The views expressed in this article are those of the author and may not reflect those of Wallace Precious Metals The author has made every effort to ensure accuracy of information provided; however, neither Wallace Precious Metals nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Wallace Precious Metals and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.



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