FXStreet (Mumbai) – Gold prices trimmed gains to trade in the sideways manner around USD 1085 levels ahead of the US advance retail sales report.
Back to hourly 50-MA
Prices turned lower from the high of USD 1088.47 to trade at the hourly 50-MA. The advance retail sales report is expected to show the household spending ticked higher in October. However, the data may not influence the rate hike bets and metal price so long as it does not print horribly weak or surprisingly strong.
It remains to be seen if the metal falls for the fourth consecutive week or snaps the three-day losing streak by closing the NY session above this week’s opening price at USD 1090.
Gold Technical Levels
The immediate resistance is located at 1085.91 (hourly 50-MA) and 1088.77 (hourly 100-MA), above which the gains could be extended to 1100.37 (hourly 200-MA). On the other side, support is seen at 1079.89 (daily low) and 1070 (July lows).
(Market News Provided by FXstreet)