U.S. unemployment claims fell by 9,000 to 211,000 last week, the lowest level since March. The four-week average fell to 223,250, reflecting strong job security. The total number of Americans receiving unemployment benefits fell by 52,000 to 1.84 million, the lowest since September. The US dollar rose within its bullish trend and broke above 109 after the release of employment claims data. However, Friday’s upcoming ISM manufacturing data will provide further direction for the US dollar. The market awaits non-farm payroll data next week, which will provide further clues to the policy decision in 2025. Meanwhile, US Treasury yields remain strong and are approaching the key resistance zone of 4.64%–4.75%, while the markets are waiting for the next step.
Gold (XAU) Technical Analysis
Golden daily chart – symmetrical triangle
The daily chart for gold shows the price trading within a symmetrical triangle, waiting for the next direction. The first day of 2025 was strong, with the price recovering from the triangle’s support. The price is challenging the 50-day SMA and looks strong. However, further upside potential requires a break above a symmetrical triangle. The RSI breaks through the mid-level as the price approaches the 50-day SMA, indicating bullish momentum. A break above $2,720 is essential to maintain the uptrend in the gold market.