Gold awaits range break, next move can be something big
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Gold trades within tight range of $2,632-$2,660.
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Traders await Initial Jobless Claims.
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Dollar Index and Bond Yields on traders' radar.
Gold has been trading sideways within a tight range of $2632 support and $2660 resistance while current price action hovers above mid point $2650
Stability above $2650 favour continuation of prevailing upward momentum that targets $2664 initially, folowed by next fibonacci zone $2675
Some retracement is likely to witness a drop to $2646-$2642 local demand zone below which next support is seen located at $2632
Broader price trajectory may open up on the break out of the range.
If selling extends, break and close below $2632 will increase the possibility of decline to $2610-$2580
If bulls succeed breaking above $2664 followed by strong clearance through $2675, Gold will re-enter main bullish channel that initially targets revisiting $2696 followed by $2721
Traders will closely monitor how jobless claims result impacts Dollar Index and Bond yields.
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