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August 14, 2020

U.S. Retail Sales & Core Retail Sales

U.S. Retail Sales and Core Retail Sales Data
U.S. is going to release retail sales as well as core retail sales data around 1230 GMT/0600 IST. Market has anticipated lower than previous reading from both the data. The Actual data must be greater than expected one, then it will good for U.S. dollar. Market anticipates retail sales to come around 1.9 pct vs 7.5 pct previous release while core retail sales to come around 1.3 pct vs 7.3 pct previous release.

Let’s see how gold has reacted during the previous data release:

Retail Sales:

Core Retail Sales:

July 16:

June 16:

Technical View:
XAU/USD (GOLD): Gold trades slightly higher and touches $1,962 mark in early Asian hours. Today pair made intraday high at $1,962 and low at $1,938 mark. A sustained close above $2,063 requires for the upside rally. Alternatively, reversal from key resistance will take the parity down towards key supports around $1,937, $1,922, $1,890, $1,862, $1,840, $1,822, $1,809 and $1,787 mark respectively. Key resistances are seen at $1,962, 1,976, 1,982, 1,987 and $1,994 marks respectively.

Take a look and do trade wisely!
Good Luck

TP Global FX Research Team

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