Gold price remains under pressure as U.S. jobless claims rises to 229k

Gold remains in a downtrend and is trading near critical long-term support levels, indicating continued technical weakness. The article notes that even signs of slowing labor market momentum have not been enough to lift prices, suggesting macro support for gold remains limited in the near term.

Analysis

Gold remains in a downtrend and is trading near critical long-term support levels, indicating continued technical weakness. The article notes that even signs of slowing labor market momentum have not been enough to lift prices, suggesting macro support for gold remains limited in the near term.