OctaFX | OctaFX Forex Broker
Open trading account
Back

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).

EUR/CHF off highs, back to 1.0830

The upside momentum around the common currency remains on the rise today, lifting EUR/CHF to daily highs near 1.0840 albeit deflating a tad afterwards...
Read more Previous

USD/JPY to trade with neutral bias heading into FOMC within 120.25-123.75 range - MUFG

Lee Hardman, Currency Analyst at MUFG, notes that the dollar index and USD/JPY have been pulling back to the 97-level and 121-level respectively this week ahead of next week’s FOMC meeting.
Read more Next
Start livechat