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Gold futures settle lower after a 2-session climb

Myra P. Saefong
·1 min read
Gold futures settle lower after a 2-session climb
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Gold futures ended lower for the first time in three sessions on Thursday, easing back after settling a day earlier at their highest level in about two months. "The U.S. weekly jobless claims data was much stronger than market expectations and this has stopped the gold price from soaring further," said Naeem Aslam, chief market analyst at AvaTrade. Also, the 100-day moving average for gold prices is "turning out to be a strong resistance," he said. The 100-day moving average is at $1,806.51, according to FactSet data. "The gold price needs to clear this resistance in order for the price to continue to move higher," said Aslam. June gold fell $11.10, or 0.6%, to settle at $1,782 an ounce. Prices trade nearly 4% higher month to date.