OctaFX | OctaFX Forex Broker
Open trading account

Gold inching higher ahead of the US retail sales report

FXStreet (Mumbai) - Gold prices are slowly inching higher as markets price-in a weak US advance retail sales report for the month of September.

Gold is trading 0.54% higher at USD 1236.40/Oz, after having sustained above USD 1232 since the morning session. Markets have priced-in a back to back disappointing economic data out of the Eurozone, leading to a fall in the Equity markets and rise in the bond prices. US Advance retail sales number for September is expected to show a decline of 0.1% month-on-month. The weak data is already being priced-in by the markets as Gold is slowly moving higher along with a fall in the US ten-year treasury yields 2.19 levels.

Gold prices may extend gains if the US retail sales report fails to meet the market expectation of a 0.1% decline.

Gold technical levels

Gold bulls are awaiting for the yellow metal to rise above 1238 levels. Prices have managed to sustain above the 1232 levels today, hence the same would act as a strong support now.

USD/CAD keeps highs near 1.1250

The greenback is trading on a better mood against its Canadian counterpart on Tuesday, lifting USD/CAD to the 1.1250.60 band, closer to ytd highs at 1.1279...
Read more Previous

Gold inches higher tracking weakness in the Treasury yields

Gold prices are slowly inching higher tracking the slump in the treasury yields. The ten-year treasury yields have declined below 2.2% today as concerns of a slowdown in the global economy have increased the safe haven demand for the US Treasuries.
Read more Next
Start livechat