Gold Price Slips, Close to 1-Week Highs – Market Cautious
Gold prices held lower on Thursday, hovering close to one-week highs as the previous session’s mixed U.S. data and political turmoil in Washington continued to pressure the dollar and support safe-haven demand.
Gold futures were little changed at $1,325.9 a troy ounce by 07:00 GMT, just off the previous session’s one-week peak of $1,330.5.
Sentiment on the greenback remained vulnerable after the U.S. Commerce Department reported on Wednesday that retail sales fell 0.1% in February, compared to expectations for a 0.3% rise.
However, a separate report showed that U.S. producer prices rose 0.2% in February, beating forecasts for an uptick of 0.1%.
Market participants were now looking ahead to U.S. manufacturing activity data in the New York and Philadelphia areas, as well as the weekly report on U.S. jobless claims for further indications on the strength of the economy.
On the technical charts, Gold is trading in the negative zone below all the moving averages (9 day, 20 day, 50 day, 100 day and 200 day). The RSI is at 47.00 and the MACD is ready to make a positive crossover above the signal line. The market is expected to trade in the negative zone for the day.
Sell stop at 1319, Take profit at 1310, Stop loss at 1325