Gold Recovers to Hourly 100-MA After US Data
Moderate weakness in the US dollar following a dismal US retail sales release saw gold prices recovery to hourly 100-MA level of $1247.50.
Trades above 50% Fibo
Prices
rose to $1248.89 before falling back to trade just above $1245.37 (50%
of 1283-1207.69). Metal recovered as dollar suffered losses after
official data in the US showed retail sales unexpectedly dropped 0.3% in
March.
However, core figure stayed in the positive territory,
while previous month’s reading was revised higher as well. That seems to
have offered support to USD and capped gains in the metal.
Gold Technical Levels
The
immediate resistance is seen at $1247.51, above which prices could
target $1254.41 (61.8% of 1283-1207.69). On the other hand, a break
below $1245.37 (50% of 1283-1207.69) would expose support at $1240
(daily low).
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