Sasha Singh
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Gold : Got Some Momentum After Downbeat US Retail Sales Data

The downbeat US Retail Sales data is giving support to the Gold. We all know that this metal always react opposite to US Dollar. Today U.S. Census Bureau showed that the advance estimate of U.S. retail and food services sales for April increased .1% from the previous month reading and 4% above last year reading missing the economists expectation for an increase of .5%. The core retail sales didn’t show any improvement however analysts were expecting an increase of .6%. 

Gold was following a sideways pattern as seen on the 4 hour chart and surged towards the resistance at 1301.11 but before reaching that level the pair is facing resistance from the 200 day SMA which if broken might give some bullish confirmation to the pair. However parallel moving averages are giving indication that the investors are in agreement of the strong bearish trend.