Gold slide to fresh session lows, below $1325 ahead of US macro data

Haresh Menghani FXStreet

Having risen to session high near $1334 area, gold turned lower and has now reversed all of its previous session's modest recovery gains from near 2-week lows.

Renewed concerns over geopolitical risks, after N. Korea launched another missile over Japan, boosted the precious metal's safe-haven demand during early Asian session on Friday.

Early gains, however, turned out to be short-lived amid reviving hopes for additional Fed rate hike move by the end of this year in wake of Thursday's strong US inflation reading.

The yellow metal continued sliding through mid-European session and is currently trading at session lows, around $1324 level as investors now look forward to the key US monthly retail sales data.

Today's US economic docket, also featuring the release of industrial production data and consumer sentiment index, would be looked upon for clues over the Fed's next policy move, which would eventually help determine the next leg of directional move for the non-yielding metal.

Technical levels to watch

A follow through weakness below $1320 level is likely to accelerate the fall back towards $1316-14 support area, below which the commodity is likely to head towards testing its next support near $1308 area.

On the upside, any recovery move beyond $1329-30 zone might continue to confront some fresh supply near the $1334-35 region, which if cleared might lift the metal beyond $1340 level towards its next hurdle near $1348-49 area.

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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