Gold Price Forecast: XAUUSD bears look unconvinced awaiting US Retail Sales Gold XAUUSD RetailSales
“US Dollar’s fate will hinge on the Retail Sales data, which is expected to tick higher to 1.0% in October on a monthly basis while excluding Autos, the gauge is seen rising by 0.4% in the reported month. An unexpected decline in the US Retail volume could reinforce expectations of a smaller Federal Reserve rate increase, which could trigger a fresh USD selling wave while reviving the Gold price upsurge once again.
“On the upside, buyers need to rescale the wedge support-turned-resistance at $1,775 to resume the uptrend toward $1,780. The next relevant upside barrier is seen at the multi-week high of $1.787, as bulls prepare to take out the $1,800 threshold.”Information on these pages contains forward-looking statements that involve risks and uncertainties.
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