- Retail Sales Exceed Expectations with US October Increase
- The dollar asserts itself and pushes the XAU / USD lower.
Gold is trading just in positive territory around $ 1,865, having previously risen to $ 1,877, the new high since June. Following the US retail sales data, there was a pullback to $ 1,865.
The economic report was above expectations and showed an advance of 1.7%, exceeding the expected 1.4%. This drove the dollar up on the market and so did Treasury yields. The 10-year rate reached 1,629%, a new weekly high.
The combination of the stronger dollar and higher yields are weighing on the XAU / USD. However, the pullback for the moment looks limited, reflecting a strength in gold.
The fact of not being able to hold above $ 1870 could anticipate some correction, since it manifests difficulties in the bullish route. If successful, the next significant resistance is at $ 1,890. To the downside, support below $ 1870 is seen at $ 1855 and then $ 1840.
Technical levels
.
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
