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Apr 16, 2026
Market Movements Ahead of US Jobless Claims Data
A look at the commodities, energy, and currency markets
Financial markets are witnessing a cautious tone during Thursday’s session, April 16, 2026, as investors await the release of US Initial Jobless Claims data at 16:30 GST, with expectations pointing to a slight decline to 215K compared to the previous reading of 219K.
This comes at a time when markets are moving within clear trends, with major currencies extending gains against the US dollar, oil attempting to recover from recent losses, and gold maintaining its upward trajectory supported by safe-haven demand.
US Jobless Claims Data
The data is expected to reflect a modest improvement in the US labor market, which could support the US dollar if the reading comes in better than expected.
- Forecast: 215K
- Previous: 219K
Potential Scenarios:
- Lower-than-expected reading: Supports the US dollar and pressures gold and currencies
- Higher-than-expected reading: Weighs on the US dollar and supports other assets
Currencies: Uptrend with Slowing Momentum
Major currencies continue to trade with a bullish bias against the US dollar, although momentum is showing signs of slowing based on MACD indicators, suggesting the possibility of short-term corrections before the uptrend resumes.
EURUSD chart on H1 timeframe
The pair is trading near 1.1785 after a strong upward move, with a temporary failure to break the 1.1830 resistance. MACD reflects weakening momentum.
- Trend: Bullish
- Support: 1.1750 – 1.1700
- Resistance: 1.1830
Outlook: Holding above 1.1750 supports further upside, while failure to break 1.1830 may trigger a short-term correction.
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USOIL chart on H1 timeframe
Oil: Recovery Attempts Under Pressure
Oil is trading near $88.50 following a sharp decline, attempting a limited rebound from support levels, while the overall trend remains tilted to the downside.
MACD indicates a slight improvement in momentum, but it remains weak, reflecting cautious upside movement.
- Trend: Short-term bearish
- Support: 88.00 – 87.70
- Resistance: 92.00 – 97.00
Outlook: Holding above 88.00 may support a corrective rebound, while a break below 87.70 could renew selling pressure.
XAUUSD chart on H1 timeframe
Gold: Uptrend with Consolidation Near Highs
Gold continues to hold above the $4815 level, trading near strong resistance zones, while maintaining its overall upward trend despite slowing momentum.
MACD suggests a slight weakening in buying pressure, which may lead to a temporary correction before the uptrend resumes.
- Trend: Bullish
- Support: 4790 – 4725
- Resistance: 4875
Outlook: Holding above 4790 supports further gains, while failure to break 4875 may lead to a short-term pullback
Conclusion
Markets are moving within clear trends, with currencies and gold maintaining upward momentum, while oil attempts to recover under pressure, alongside a general slowdown in momentum across assets.
US Jobless Claims data remains the key driver for today’s session, as markets react sensitively to signals regarding the strength of the US economy.