US Retail Sales to be a trigger from Fed, push Gold next week?
With the continuous signs over the last few days that the US and China are set to return to negotiating on trade, 10-year US Treasury yields kept on bouncing from their lows of around 1.5%, while Gold saw a corrective move and dropped below 1,500 USD.
Today's release of the US Retail Sales data could, in fact, trigger further bearish momentum in the precious metal if and surprises like the ones we saw last month, are repeated again this month. In August, Retail Sales numbers came in at 0.7% against 0.3% (MoM), and are expected to come in this month at 0.2%.
Still, we shouldn't expect volatility to shoot up significantly with all eyes already being on the Fed Rate decision next Wednesday.
From the technical perspective, on a daily time-frame, the latest drop back below 1,500 USD is in our opinion no big deal.
As long as Gold trades above 1,380 USD, we consider the precious metal to be bullish with a potential mid-term long trigger around 1,440/450 USD and with an overall potential target around 1,650/700 USD in the weeks to come.
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Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 77% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Today's release of the US Retail Sales data could, in fact, trigger further bearish momentum in the precious metal if and surprises like the ones we saw last month, are repeated again this month. In August, Retail Sales numbers came in at 0.7% against 0.3% (MoM), and are expected to come in this month at 0.2%.
Still, we shouldn't expect volatility to shoot up significantly with all eyes already being on the Fed Rate decision next Wednesday.
From the technical perspective, on a daily time-frame, the latest drop back below 1,500 USD is in our opinion no big deal.
As long as Gold trades above 1,380 USD, we consider the precious metal to be bullish with a potential mid-term long trigger around 1,440/450 USD and with an overall potential target around 1,650/700 USD in the weeks to come.
Ready to take your trading to the next level? Find out how in Admiral Markets’ new webinar series Trading Spotlight, where our trading experts will be discussing risk management, trading psychology, and their top strategies for trading the world’s most popular markets - admiralmarkets.com/e.../trading-spotlight-1
Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 77% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.