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Gold erases gains ahead of US data

FXStreet (Mumbai) - Gold now trades largely unchanged on the day after rallying in the early Europe to USD 1176 levels on the back of broad based USD selling.

Focus on US retail sales

The advance retail sales figure is seen rising 0.2%. Both household spending and corporate spending (durable goods orders) in the US has stayed anaemic throughout the start of the year. Moreover, the rate hike bets have been pushed out to March 2016 after September Fed meeting and payrolls data, due to which Gold rallied.

The advance retail sales figure could make or break March 2016 Fed rate hike bets and heavily influence gold prices.

Gold Technical Levels

The metal currently trades above USD 1174/Oz levels. The immediate resistance is located at 1176 (daily high), above which the prices could test 1200 levels. A break higher would expose 1232.27 (May 18 high). On the downside, a break below 1152.24 (hourly 50-MA) would expose 1141.38 (100-DMA) and 1132.90 (Nov 2014 low).

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