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Gold extends gains ahead of US data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 15, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - Gold prices extended gains to a session high of USD 1088.72/Oz levels ahead of the data in the US, which could show the retail sales growth slowed down in December.

    Gold gains on USD weakness and safe haven demand

    The US index futures are indicating the indices are likely to open at least 1.5% lower on the day. Consequently, the metal jumped by $4 in last few minutes. The haven demand is primarily responsible for a rebound in the metal from the previous day’s low of USD 1070 levels.

    The USD index also weakened moderately and that added to the bullish move in Gold. The immediate focus now is on the US advance retail sales, which may influence March Fed rate hike bets and affect USD and Gold.

    Gold Technical Levels

    At USD 1088.72, the metal is trading at the immediate resistance of the hourly 100-MA. A break higher would expose 1101.70 (38.2% of Oct high-Dec low). On the other hand, a break below 1080.48 (23.6% of Oct high-Dec low) could push the metal back to 1071.40 (previous day’s low).
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