Gold: Key Resistance to Watch

Spot gold climbed 0.4% to $1,908 on Thursday and investors will focus on the U.S. retail sales data for September due later today...

Gold 1

On Thursday, spot gold climbed 0.4% to $1,908, though it is still on track for a weekly decline. Investors were cautious about a rebound in the U.S. dollar and diminishing chances of U.S. fiscal stimulus.

Later today, U.S. retail sales data for September will be reported (+0.8% on month expected) and analyst would assess the strength of the U.S. economy.

On a daily chart, spot gold remains on the downside despite a recent rebound. In fact, it is capped by the lower boundary of the previous trading range and the 50-day moving average. The level at $1,935 might be considered as the nearest resistance, with the 1st and 2nd support at $1,872 and $1,848 likely to be tested again.

Source: Gain Capital, TradingView

More from Gold

From time to time, StoneX Financial Pty Ltd (“we”, “our”) website may contain links to other sites and/or resources provided by third parties. These links and/or resources are provided for your information only and we have no control over the contents of those materials, and in no way endorse their content. Any analysis, opinion, commentary or research-based material on our website is for information and educational purposes only and is not, in any circumstances, intended to be an offer, recommendation or solicitation to buy or sell. You should always seek independent advice as to your suitability to speculate in any related markets and your ability to assume the associated risks, if you are at all unsure. No representation or warranty is made, express or implied, that the materials on our website are complete or accurate. We are not under any obligation to update any such material.

As such, we (and/or our associated companies) will not be responsible or liable for any loss or damage incurred by you or any third party arising out of, or in connection with, any use of the information on our website (other than with regards to any duty or liability that we are unable to limit or exclude by law or under the applicable regulatory system) and any such liability is hereby expressly disclaimed.