Gold prices today continue trading around the 415x–416x resistance zone, showing signs of consolidation while awaiting a breakout.
Unemployment claims data released last night came in better than expected but did not change expectations for an interest rate cut in December, with more than 84% of investors still believing that a rate cut next month is necessary.
With the U.S. entering a holiday weekend, the market is likely to cool off temporarily and move sideways within a wide 411x–416x range, waiting for next week’s PCE and ADP Nonfarm data releases to gather more signals for a potential December rate cut.
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