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Gold prices lost its shine due to a strong U.S. dollar, hitting a low of $2,633 at the time of writing and currently trading around $2,639.
In November 2024, U.S. core retail sales went up by 0.2%, which is lower than the expected 0.4% increase. However, total retail sales rose by 0.7%, exceeding expectations of 0.5%. The previous month's core retail sales were revised up from 0.1% to 0.2%, showing a slight improvement. The mixed results suggest that while overall retail sales are strong, core spending is weaker, indicating cautious consumer behavior. This data provides a complex view of consumer spending that could affect future economic forecasts and policy decisions. Markets eye Fed monetary policy for further direction.
According to the CME FedWatch Tool, the probability of a rate cut by the Federal Reserve in December has decreased to 95.4% from 98.20% a day ago, signaling changing market expectations.
From a technical standpoint, gold prices are currently below both short-term and long-term moving averages, indicating a bearish trend. Immediate support is at $2,630 with potential declines to $2,620, $2,600, $2,570, $2,536, and $2,500. Resistance is set at $2,700; breaking this level could lead to prices rising towards $2,730, $2,750, $2,775, and $2,800.
A suggested trading strategy is to buy on dips between $2,630, maintain a stop-loss at $2,600, and aim for a target price of $2,725.
