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Gold : More Gains Expected, Moving Averages Signaling Upward Continuation

XAUUSD : Daily Chart

Gold is slightly down from its one week high level after the U.S. Department of Labor said that the number of individuals filing for initial jobless benefits last week decreased by 14000 to 289000 which economists were expecting to rise by 2000 to 305000. The four week moving average which is considered as the better gauge for labor market condition decreased by 4000 to the lowest level since February.

On the daily chart of Gold, it declined from the resistance at 1305.87 but continue to be supported amid concerns over geopolitical crisis between Russia and Ukraine. If looking at the moving averages the 50 day SMA is trying to cross above the 100 day SMA signaling an uptrend continuation. Therefore it might break the resistance at 1305.87 and surge. If it does so the next nearest resistance it will find is at 1327.53.