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Gold inches lower ahead of the US Advance Retail Sales data

FXStreet (Mumbai) - Gold dipped below USD 1150/Oz levels ahead of the release of the US advance retail sales number for October, tracking a rise in the US Dollar index.

The yellow metal traded 1.02% lower at USD 1149.50/Oz levels at the time of writing as the US Dollar index gained 0.31% to trade at 88.11 levels. Gold prices had remained flat throughout the European session despite a better-than-expected Eurozone third quarter GDP data. Meanwhile, the ten-year treasury yields have moved back to 2.354%, from 2.33%. Moreover, markets are expecting that the Retail sales grew 0.2% in October, completely erasing the previous month’s decline of 0.3%. Gold may dip further if the retail sales number prints higher than the market expectation.

Elsewhere, Gold or XAU/EUR is trading weak by 0.84% at EUR 923.79 levels.

Gold Technical Levels

Gold has an immediate support located at 1145.50, under which the prices can fall to 1137.10 levels. Meanwhile, a strong intraday resistance is located at 1153.40 and 1155 levels, above which the metal may re-test 1160 levels.

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