Gold prices went higher today - comex gold rose $1.10, or 0.1%, to settle at $1,220.70 an ounce, after
it had fallen almost $22 in the last two trading days.
The U.S. dollar fell 0.82%. The U.S. reported retail sales today, and figures showed a 0.8 percent drop while the median forecast of economists surveyed by Bloomberg called for a 0.4 percent decline, according to Bloomberg.
The U.S. dollar fell 0.82%. The U.S. reported retail sales today, and figures showed a 0.8 percent drop while the median forecast of economists surveyed by Bloomberg called for a 0.4 percent decline, according to Bloomberg.
gold is in a short term downtrend, after a very strong rise in January. As the chart below shows, GLD broke down on 29-Jan and extended its downtrend this week. The key question is whether gold will stop its retracement to resume its January uptrend. If not, and the yellow metal goes lower than the December lows, then a retest of the November 10th bottom is in the cards.
