NEW YORK (Commodity Online): Gold price could target $1775 in the near term with $1680 as support on figures relating to the US 3Q GDP and unemployment claims. COMEX gold December is currently trading at $1708/oz
-Advance US Q3 GDP is scheduled to be released later today with market expecting figures of 2.4%-2.5% growth. Also due out is the unemployment claims which is expected to decline to 400,000 from last weeks 403,000 claims.
-US New Home Sales have been encouraging. So has been an unexpected rise in core durable goods orders. Both indicate strength in the economy.
Technically, the RSI is bullish, but prices are nearing the 50 Day-Moving-Average (DMA) and is finding resistance. The 50 DMA is also near the long-term uptrend channel which compounds the strength of the Resistance.
Support seen at $1625 and $1680 while Resistance is expected at around $1725, $1775 and $1840. Any potential upside move breaking $1840 may target the previous high of $1915 and then $2000.
