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Gold Rose on Friday as The Dollar Weakened After Downbeat U.S. Jobless Claims Data

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Gold rose on Friday as the dollar weakened after downbeat U.S. jobless claims data reinforced fears of a slower recovery from the pandemic-induced economic crisis, keeping bullion on track for a weekly gain. Gold has risen nearly 0.5% so far this week after registering its worst week in five months. The dollar index fell 0.2% against its rivals, making gold cheaper for holders of other currencies. Data on Thursday showed the number of Americans filing a new claim for unemployment benefits rose unexpectedly back above the 1 million mark last week, a setback for a struggling U.S. job market crippled by the coronavirus pandemic. The Fed reiterated the economic downturn triggered by the coronavirus pandemic faces a highly uncertain path and additional fiscal stimulus would needed to support the economy. Meanwhile, the Trump administration declined to acknowledge any plans to meet with China over the Phase 1 trade deal after the commerce ministry in Beijing said bilateral talks would be held “in the coming days.

TREND : WEAK BEARISH

Time                                      :           21/08/2020

Pivot                                      :           1943.46

Technical View                     :             LONG ABOVE 1952.69

Target                                   :            1961.93, 1973.75, 1992.25

Technical View                     :             SHORT BELOW 1937.33

Target                                   :            1931.21, 1912.81, 1900.89

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