Gold bulls are at test ahead of the key US data
With the risk-on mood weighing on the US dollar and Treasury yields, gold buyers battle the yearly resistance line heading into the US Retail Sales release for October. Given the overbought RSI conditions and likely negative impact of the price pressure on US consumer spending, gold prices should step back from the key hurdle around $1,870. However, a positive surprise might not refrain from fueling the quote towards June’s high near $1,917 and January’s peak surrounding $1,960.
Meanwhile, pullback moves could retest $1,855 before highlighting the $1,834 resistance-turned-support zone. Also acting as an important downside filter is the convergence of the 100-DMA and 200-DMA near $1,790. In a case where the gold prices drop below $1,790, the monthly low of $1,758 will be in focus.
Meanwhile, pullback moves could retest $1,855 before highlighting the $1,834 resistance-turned-support zone. Also acting as an important downside filter is the convergence of the 100-DMA and 200-DMA near $1,790. In a case where the gold prices drop below $1,790, the monthly low of $1,758 will be in focus.
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