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 - EconoTimes)
Gold pared some of its gains after strong US economic data. It hit a low of $2508 and is currently trading around $2511.
US Q2 GDP estimate rose to 3%, above the forecast of 2.8%. Prelim GDP price index q/q surged to 2.5% vs. the Estimate of 2.3%.
The number of people who have filed for unemployment benefits declined by 2000 to 231000 for the week ending Aug 24th 2024.
The yellow metal is trading below 34 and 55 H EMA in the hourly chart ($2513 and $2512). The weakness can be seen only if it closes below $2512 in the hourly chart. Any violation below $2501 (200- H MA) confirms further weakness. A dip to $2490/$2470 is possible.
US dollar index- It has gained more than 20 pips after upbeat US economic data. Any close above 101.40 confirms minor bullishness.
The yellow metal faces minor resistance around $2513 and a breach above will take it to the next level of $2525/$2535/$2554.
It is good to sell on rallies at $2509-10 with SL around $2525 for a TP of $2470.
