Article by: ETO Markets
After a 0.8% decrease in January, US retail sales are predicted to increase by 0.8% in February. In the meantime, February saw a 1.1% YoY growth in the US PPI as opposed to a 0.9% increase the prior month. It seems unlikely that the US consumer demand and any indications of sticky inflation will be good news for the price of gold.
In order to move the price of gold toward Tuesday's high of $…, beyond which the all-time highs of $… will be retested, buyers are waiting for an entry over $... The psychological level of $… and the $… barrier represent the next important upside targets.
On the other hand, the initial demand region is observed at the $… low on Wednesday. If that level is not held, the previously noted strong support will be put to the test once more at $...
