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Gold recovered to hourly 100-MA after US data

FXStreet (Mumbai) - Gold prices spiked from the daily lows to its hourly 100-MA at USD 1069.78/Oz after the retail sales in the US printed less than estimates.

Trades around hourly 50-MA

The metal has trimmed post-data gains to trade around the hourly 50-MA at USD 1067.48/Oz levels. The immediate reaction to the weaker-than-expected figure was the unwinding of the shorts, however, the spike ran out steam as the headline figure clocked a 4-month high. Meanwhile, the retail sales control group, which forms a part of the GDP, printed above estimates.

Prices are being supported by the decline in the treasury yields. The interest rate sensitive 2-yr yield is down 2 basis points and the 10-yr yield is down 4 basis points. Ahead in the day, the action in the US stock markets could influence the metal.

Gold Technical Levels

Prices may rise to 1072.27 (hourly 200-MA) if the immediate hurdle at 1069.78 (hourly 100-MA) is taken out. On the other hand, a repeated failure at 1067.48 (hourly 200-MA) could lead to a re-test of the daily low of 1062.98.

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