12 Feb 2015
Strong US Retails sales might lead Gold to drop towards $1200/Oz – FXStreet
FXStreet (Barcelona) - According to Omkar Godbole, FXStreet Editor and Analyst, a strong retail sales data print in the US might lead Gold to break below the 100-DMA at $1214.71 and move towards $1200 levels.
Key Quotes
“Gold prices have weakened from USD 1265 levels to trade at the current level of USD 1223.80. The fall was mainly triggered by a strong US non-farm payrolls data released last Friday.”
“Since then, the US 10-year Treasury yields have recovered from 1.8% to trade at the current level of 2.04%.”
“Gold could dip to USD 1200/Oz levels by the weekend if the US advance retail sales data prints higher than expected.”
“Moreover, a weak data too, is unlikely to see a significant gains in the yellow metal as the markets have shown little interest off-late in the safe haven metal. Thus, gains could be capped around 50-DMA located at USD 1235/Oz levels.”
“Meanwhile, a strong US data could easily help Gold bears to break below the 100-DMA located at USD 1214.71 levels. However, some amount of caution due to lingering Greece’s issue is likely to restrict losses around USD 1200/Oz levels.”
Key Quotes
“Gold prices have weakened from USD 1265 levels to trade at the current level of USD 1223.80. The fall was mainly triggered by a strong US non-farm payrolls data released last Friday.”
“Since then, the US 10-year Treasury yields have recovered from 1.8% to trade at the current level of 2.04%.”
“Gold could dip to USD 1200/Oz levels by the weekend if the US advance retail sales data prints higher than expected.”
“Moreover, a weak data too, is unlikely to see a significant gains in the yellow metal as the markets have shown little interest off-late in the safe haven metal. Thus, gains could be capped around 50-DMA located at USD 1235/Oz levels.”
“Meanwhile, a strong US data could easily help Gold bears to break below the 100-DMA located at USD 1214.71 levels. However, some amount of caution due to lingering Greece’s issue is likely to restrict losses around USD 1200/Oz levels.”