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Gold slides ahead of US retail sales data

FXStreet (Mumbai) - Gold prices fell to a session low of USD 1062.34/Oz levels ahead of the data in the US, which is expected to show the household spending as represented by retail sales increased in November.

Trades at one-week low

Prices currently trade at a one-week low of USD 1065/Oz levels. The headline figure is seen rising 0.3% m/m from Oct’s 0.1%. Retail sales ex-Autos is seen rising 0.3% from Oct’s 0.2%. The control group retail sales number is expected to show a much stronger jump of 0.4%.

The weakness in the European stocks and US index futures failed to support the safe haven metal and so did the moderate weakness in the USD index.

Gold Technical Levels

The immediate resistance is located at 1071 (5-DMA), above which the prices could test 1080.43 (23.6% of Oct high-Dec low). On the other hand, a break below the daily low of 1062.34 would expose 1052.80 (Nov 27 low).

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