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Gold Analysis: XAU/USD: Weakness to persist, eyes 1170 on upbeat US data

Discussion in 'Technical Analysis' started by FXStreet_Team, Oct 16, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The XAU/USD pair (gold prices in terms of the US dollar) did manage to take out the Fib golden ratio at 161.80% retracement (Set 24-Oct 2 decline) located at 1190.18 on Thursday. However, the spike was short-lived and the bullion retreated sharply after the USD bulls jumped back into the bids following the release of unexpectedly positive US CPI data. The US CPI dropped 0.2% m/m in Sept, matching forecasts while the core CPI accelerated to 1.9% in September, outpacing the 1.8% gain expected.

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