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


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.


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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