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FxWirePro: Gold trades flat, markets eye US retail sales

Gold is trading in a narrow range between $1437 and $1385 for the past 5 trading days. US Empire State manufacturing index for Jun at 4.3 compared to forecast of -8.6. Markets eye US retail sales for further direction. US June retail sales are expected to increase by 0.1% compared to a 0.5% increase in May. The yellow metal formed a triple top ($1440,$1437 and $1427). US 10 year yield is consolidating after a more than 10% jump from a low of 1.937%.

 

On the flip side, near term support is around $1400 and any break below will drag the yellow metal to the next level till $1390/$1380. Major weakness only below $1380.

 

The near term minor resistance is around $1428 and any break above will take the yellow metal to $1440. Any major bullish continuation only above $1440. Any break above targets $1465.

 

It is good to sell on rallies around $1415-17 with SL around $1427 for the TP of $1380.

By Rangarajan Hariharan
  • Market Data
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