The strong US macro data pushed the metal below 20&50dsma. The metal has been consolidating between 20&50dsma finally close far below them.
The number of job openings again rose to a series high of 5.8 million on the last business day of July,
the U.S. Bureau of Labor Statistics reported.
Job openings increased to a new series high in July, reaching 5.8 million. The prior series high was 5.4
Million in May 2015.
Today traders eye US unemployment claims. Economists expected jobless claims down to 279k from 282k.
The psychological support $1,100.00 acting as a minor support level for the time being. At all time intervals, the metal price lost all the moving averages. The metal fell below the base triangle and large descending triangle. The base triangle aiming targets at $1,085.00 and descending triangle aiming to revisit year lows. The 200mema finds at $1,046.00.
The hourly oscillators indicating oversold levels. Intraday resistance seems at $1,.111.00, $1,116.00 and $1,118.00.
The buying momentum backs above $1,109.00 aims at $1,110.00 and $1,115.00. Selling open below $1,099.00 aims at $1,095.00, $1,090.00 and $1,088.00 levels.