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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.

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