Gold has recovered more than $15 from a low of $1476 after the release of US retail sales data. It has declined for the first time in 7 years and came at -0.3% vs forecast of 0.3%, the biggest drop since Feb 2019.US dollar index has broken major intraday support 98.20 and any violation below 97.85 confirms major weakness. The yellow metal hits an intraday high of $1491.03 and is currently trading around $1489.13.
US 10-year is holding steady despite weak US economic data. It is hovering at 1.744%. The spread between 10-year and 2-year has widened to 16 bps.
Major intraday support to be watched -$1472 and any break below targets $1458.Minor weakness only below $1458.
Resistance -The yellow metal is facing strong intraday resistance around $1500 and any break above will take the yellow metal till $1515/$1525.
Additional Levels
$1445 (38.2% fib)
$1414
$1390 (38.2% fib)
