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Gold – Awaits US data, break below daily low would be bearish

FX:XAUUSD   Gold/U.S. Dollar
Resistance – 1276, 1280, 1288

Support – 1265, 1258, 1253

Hourly Chart pattern – falling channel intact

  • Gold’s rebound from $1263 levels yesterday coupled with bullish daily and hourly RSI could see prices test hourly 200-MA at $1276. A violation there would expose $1280 levels.
  • On the other hand, bulls need to watch out for - a failure to sustain above daily 5-SMA at $1268 followed by a drop below Asian session low of $1265 – as that would shift risk in favor of a drop to daily 50-SMA of $1249.20.

China’s Yuan slipped in Asia today and that could help gold             rake up gains in terms of Asian currencies . In dollar terms as well gold             could extend gains if Yuan drop weighs over risk sentiment.

Later in the day, the US advance retail sales figure is due for release. USD is likely to remain on the front foot heading into the data release, given the spike in last month’s annualized wage growth figures has pushed up expectation of a strong rebound in retail sales. The metal stands to gain if the rebound in retail sales is weak.
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