Gold price is neutral to downwardly biased as the bearish Head-and-Shoulders chart <wbr>pattern remains in play. Although the yellow metal achieved a leg up in the near term, momentum favors sellers, which can be seen by the Relative Strength Index (RSI).
If XAU/USD drops below $2,300, the next support would be the May 3 low of $2,277, followed by the March 21 high of $2,222. Further losses lie beneath as sellers would eye the Head-and-Shoulders chart pattern objective from $2,170 to $2,160.
Conversely, if Gold extends its gains past $2,350, key resistance levels emerge like the June 7 cycle high of $2,387, ahead of challenging the $2,400 figure.
DOW JONES INDUSTRIAL AVERAGE DIGS IN HEELS AND TRADES FLAT DESPITE RETAIL SALES MISS
- Dow Jones holding onto familiar levels with US markets set for mid-week break.
- US Retail Sales missed the mark on Tuesday, raising economic activity concerns.
- Investors are putting in double-duty trying to brush off Fed caution.
The Dow Jones Industrial Average (DJIA) is treading water on Tuesday as investors buckle down for the mid-week Juneteenth holiday. US Retail Sales missed the mark in May, and Federal Reserve (Fed) officials have been working double duty on Tuesday to try and tamp down broad-market expectations for an upcoming rate cut that may not materialize as policymakers await further signs of easing inflation.
US Retail Sales grew by a scant 0.1% MoM in May, missing the forecast 0.2%. The previous month’s print was also revised down to -0.2% from 0.0%. Core Retail Sales, or Retail Sales excluding automobiles, declined 0.1% and missing the forecast growth of 0.2%, with the previous release also getting revised to -0.1% from 0.2%.
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