14 Jul 2015
Gold recovers losses to trade unchanged on the day
FXStreet (Mumbai) - Gold prices recovered moderate losses to trade largely unchanged on the day at USD 1155-1156/Oz after the disappointing retail sales report hit the wires.
Gold gains as the USD falls
The weak retail sales report pushed the USD lower across the board. The USD index now trades at 96.60; down 0.355 on the day. Consequently, the yellow metal recovered from the pre-low of USD 1152.90/Oz to trade around USD 1155-1156/Oz.
Meanwhile, the S&P 500 futures also turned lower after the retail sales report. A weak opening on Wall Street could add to the demand for the safe haven metal. With no major data due for release ahead, the metal traders would remain fixated on the sentiment on the Wall Street and the movement in the USD index.
Gold Technical Levels
The immediate support is seen at 1150, under which the metal could target 1147.2 (July 8 low). On the flip side, resistance is seen at 1157 (July 2 low) and 1165.00 levels.
Gold gains as the USD falls
The weak retail sales report pushed the USD lower across the board. The USD index now trades at 96.60; down 0.355 on the day. Consequently, the yellow metal recovered from the pre-low of USD 1152.90/Oz to trade around USD 1155-1156/Oz.
Meanwhile, the S&P 500 futures also turned lower after the retail sales report. A weak opening on Wall Street could add to the demand for the safe haven metal. With no major data due for release ahead, the metal traders would remain fixated on the sentiment on the Wall Street and the movement in the USD index.
Gold Technical Levels
The immediate support is seen at 1150, under which the metal could target 1147.2 (July 8 low). On the flip side, resistance is seen at 1157 (July 2 low) and 1165.00 levels.