Spot gold was flat at $1,199.20 an ounce at 0119 GMT. Spot gold was on track to gain 0.6 percent for the week, which would mark its biggest weekly gain since the week of Aug. 24.
U.S. gold futures rose 0.1 percent to $1,202.90 an ounce.
· The U.S. Treasuries market’s two-day selloff pushed its volatility to its highest level since June as investors shed their bond holdings on surprisingly strong economic data and signals the Fed would raise interest rates further.
· The dollar index against a basket of six major currencies was little changed at 95.765, after climbing to a six-week peak of 96.121 in the previous session.
· The number of Americans filing for unemployment benefits fell to a near 49-year low last week, pointing to sustained labor market strength, which should continue to underpin economic growth.
· China is testing global investors’ appetites with plans for a rare sovereign bond issue this month even as U.S. tariffs threaten to put more pressure on its slowing economy.
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· GOLD TECHNICAL ANALYSIS
Gold prices are stalling below resistance at 1214.30 (range top, trend line set from mid-April). From here, a break below the September 28 low at 1180.86 paves the way for a retest of the mid-August swing bottom at 1160.37. Alternatively, a daily close above resistance targets the 1235.24-41.64 zone.
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· Technically, December gold futures prices closed nearer the session low today. Prices are back in the recent trading range, which suggests a market bottom is in place. The gold bears still have the overall near-term technical advantage. Gold bulls' next upside near-term price breakout objective is to produce a close above solid technical resistance at $1,220.70. Bears' next near-term downside price breakout objective is pushing prices below solid technical support at the August low of $1,167.10. First resistance is seen at this week’s high of $1,212.30 and then at $1,220.70. First support is seen at $1,200.00 and then at this week’s low of $1,188.10. Wyckoff's Market Rating: 3.0
Reference: Reuters, DailyFX
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