Gold remains on the front foot. Economists at TD Securities analyze XAU/USD outlook ahead of US Retail Sales.

Retail Sales data could add some noise to the market

Given an increased focus on the data to determine the future Fed path beyond July, today's Retail Sales data could add some noise to the market. 

Our expectation for a beat in the Retail Sales data could see the yellow metal give back a portion of recent gains. However, as fears were rising that the Fed's bark could be as bad as its bite, weaker inflation is likely to tame these concerns and could see the yellow metal hold support. 

See – US Retail Sales Preview: Forecasts from eight major banks, modest consumption