No Takers for Gold Amid Dollar and Equity Rally
Risk-on rally in the equity markets and dollar strength is keeping investors away from Gold, owing to which prices fell to a low of $1240 ahead of the US data release.
Eyes US data
The immediate focus now is on US data release, which could show retail sales rebounded in March after having declined 0.1% in February. The data could easily influence demand for the US dollar and thus would be tracked by metal traders.
Meanwhile, focus would also be on whether US stocks follow Asian and European equities higher. At the time of writing, metal was trading around $1244 levels.
Gold Technical Levels
The immediate support is seen at $1236.41 (hourly chart support) under which losses could be extended to $1208.91 (Apr 1 low). Conversely, break above previous day’s high of $1263 would shift risk in favor of a rally to $1283 levels (Mar 11 high).