12 Feb 2015
Gold awaits US data
FXStreet (Mumbai) - Gold prices trade in the sideways manner ahead of the data in the US, which may show a slowdown in the decline in the retail sales.
Weak USD fails to strengthen Gold
The yellow metal could not strengthen much during the European session despite of a fall in the USD index post Bank of England’s Inflation report and the Bank of Japan’s negative comments on more monetary stimulus. The USD index trades 0.38% lower at 94.80 levels.
Investors now await the data in the US which is expected to show retail turnover in January declined by 0.4%, compared to a 0.9% fall registered in December. A better-than-expected data may push Gold prices lower.
Gold Technical Levels
The metal currently trades at USD 1233.60/Oz levels; up 0.33% for the day. The immediate support is seen at 1218.9, under which prices could drop to 1214.72 (100-DMA) levels. Meanwhile, resistance is seen at 1233.78 (50-DMA) and 1244.29 (200-DMA) levels.
Weak USD fails to strengthen Gold
The yellow metal could not strengthen much during the European session despite of a fall in the USD index post Bank of England’s Inflation report and the Bank of Japan’s negative comments on more monetary stimulus. The USD index trades 0.38% lower at 94.80 levels.
Investors now await the data in the US which is expected to show retail turnover in January declined by 0.4%, compared to a 0.9% fall registered in December. A better-than-expected data may push Gold prices lower.
Gold Technical Levels
The metal currently trades at USD 1233.60/Oz levels; up 0.33% for the day. The immediate support is seen at 1218.9, under which prices could drop to 1214.72 (100-DMA) levels. Meanwhile, resistance is seen at 1233.78 (50-DMA) and 1244.29 (200-DMA) levels.