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Gold slides ahead of US retail sales data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 11, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - Gold prices fell to a session low of USD 1062.34/Oz levels ahead of the data in the US, which is expected to show the household spending as represented by retail sales increased in November.

    Trades at one-week low

    Prices currently trade at a one-week low of USD 1065/Oz levels ahead of the retail sales report, which is expected to show headline figure rose 0.3% m/m from Oct’s 0.1%. Retail sales ex-Autos is seen rising 0.3% from Oct’s 0.2%. The control group retail sales number is expected to show a much stronger jump of 0.4%.

    Prices fell in Europe even though the European stocks and US index futures weakened amid the drop in oil prices. The metal also ignored the moderate weakness in the USD index.

    Gold Technical Levels

    The immediate resistance is located at 1071 (5-DMA), above which the prices could test 1080.43 (23.6% of Oct high-Dec low). On the other hand, a break below the daily low of 1062.34 would expose 1052.80 (Nov 27 low).
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