Economic Events: (GMT)

13:30                    USD       Initial Jobless Claims                     385.00K                                399.00K

13:30                    USD       Continuing Jobless Claims           3590.00K                              3628.00K                             

Initial Jobless Claims measures the number of individuals who filed for unemployment insurance for the first time during the past week. This is the earliest U.S. economic data, but the market impact varies from week to week.

Continuing Jobless Claims measures the number of unemployed individuals who qualify for benefits under unemployment insurance.

A higher than expected reading should be taken as negative/bearish for the USD, while a lower than expected reading should be taken as positive/bullish for the USD.  If the report comes in under the 385K we can expect to see the USD fall and a rise in Gold, but if the report is at the 399K level or above expect to see the USD rally and trend upwards on solid economic news.

 

Analysis and Recommendations:

Gold futures mounted a rise today, ending the day at a five-week high and extending rise to two days. Gold for February delivery ended $4.30 up, or 0.3%, at $1,659.90 on the Comex. Prices started the day in negative territory but turned upward as investors saw a hint of inflation in a U.S. government report and the dollar extended its fall. Face it with the situation in Europe the safety of gold looks better and better every day. But watch for a dollar rally, but gold will mount a comeback if the USD does rally

Support and Resistance levels for tomorrow       S:            1631.9   1612.9   1595.9

R:            1668.     1658.7   1653.1

Gold continues to be a strong buy, adding on the dips.

Gold Pivot Points (Time Frame: 1 Day)
 

Name S1 S2 S3 Pivot R1 R2 R3

Classic
1647.6667
1633.1833
1623.6667
1657.1833
1671.6667
1681.1833
1695.6667

Fibonacci
1648.0153
1642.3513
1633.1833
1657.1833
1666.3513
1672.0153
1681.1833

Camarilla
1659.9500
1657.7500
1655.5500
1657.1833
1664.3500
1666.5500
1668.7500

Woodie's
1650.1500
1634.4250
-
1658.4250
1674.1500
1682.4250
-

DeMark's
1676.4250
-
-
-
1652.4250
-
-