Gold lingering as dollar gains ahead of US retail activity data

The US dollar index was up about 0.45% to 95.02 earlier today.

As a result, Gold futures for August delivery dropped $3.30 or 0.28 in percentage terms, to trade at $1182.20 a troy ounce during earlier European session.

The precious metal has been consolidating for several months. Gold prices inching lower today as the dollar regaining strength ahead of key US economic data due in US session.

The prices earlier today strikes at $1190 before reaching at $1180.

We reckon, Gold Futures are likely to find support at $1175.93 levels, and resistance at $1195 levels.

Any breach below this support may drag undoubtedly upto 1163 levels.

The commodity streets looking ahead to U.S. retail sales and jobless claims data due later in the session for further indications on the strength of the economy and the timing of a future rate hike.

Buy ATM Gold call option at current levels 1179.88 levels to for 50 pips.