Gold hits fresh all-time high on weak US dollar. It hit a high of $2612 and is currently trading around $2605.
The number of people who have filed for unemployment benefits declined by 12000 to 219000 in the week ended Sep 14, lowest level since May. US Philly fed manufacturing turned positive 1.7 in Sep from -7 the previous month.
Technical:
The near–term support is around $2570 (34-4H EMA), a break below the target of $2560/$2545/$2520/$2470. Major bearish continuation only below $2470.The yellow metal faces minor resistance around $2622 and a breach above will take it to the next level of $2650/$2659.
Indicator (4- hour chart)
CCI (14)- Bullish
CCI (50)- Bullish
Average directional movement Index - Bullish
It is good to buy on dips around $2570-72 with SL around $2545 for TP of $2650.
