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Gold prices trading at $1647.04

Gold prices touched the awaited resistance level at 1653.00 earlier today, though the currently pricing action is attempting to move lower again at the time of writing. “By touching this level the metal activated our previous bearish scenario, which will be likely so long as 1653.00 is limiting a further incline. What is particularly concerning is the price ability to retreat back and close above 1647.00 support level yesterday, forming a hammer candlestick pattern.” warns the Technical Analyst Team at ICN.com

According to the ICN.com analysts, “We remain in favor of the bearish scenario, with a tight stop just above 1660.00 level.” Indeed, gold prices have presently settled in negative territory at USD $1647.04, down $-1.66 Wednesday. Supports can be located at the 1647.00 level, onto 1635.00 and finally 1625.00. On the ascension, gold prices will encounter measures of resistance at 1653.00, then 1660.00, followed by 1666.00.

Forex Flash: US Retail Sales to be modest due to lower spending on gasoline – TD Securities

TD Securities analysts expect consumer spending momentum to moderate in January with total retail sales rising at a very meagre 0.1% M/M pace, after last year's decent activity. Vehicle sales are likely to remain relatively unchanged on the month, and sales excluding autos should rise at an equally modest 0.1% M/M pace. “The weakness on the headline number should be driven mostly by the decline in spending on gasoline, and core spending activity (which excludes spending on autos, gas and building material, and is a useful gauge on the tone of real spending) should post a more respectable 0.4% M/M gain, adding to the positive momentum in the past few months”, wrote analyst Alvin Pontoh.
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