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Gold awaits US data, trades below key Fib

FXStreet (Mumbai) - Gold prices have dipped below USD 1147.69, which is the 38.2% fib retracement of the up move witnessed from Jul to Oct.

Focus on US data

Traders now await US personal income and spending report. The Fed statement released earlier this week talked about a pick up in the household spending. Even a slight miss in the Q3 GDP estimate was blamed on a drawdown in inventory due to increased demand.

Consequently, traders are interested to see if the personal spending report confirms the picture painted by Fed statement and Q3 GDP estimate.

Gold Technical Levels

The immediate support is located at 1140.85 (50-DMA), under which the prices could drop to 1134.15 (50% of Jul-Oct rally). On the other hand, a break above 1147.69 (38.2% of July-Oct rally) could open doors for a re-test of 1156.70 (Sep 24 high).

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