Gold is picking up a small bid around $2,000/oz. after mixed US economic data pushes the precious metal one way and then another
US retail sales data disappointed the market yesterday, turning negative and missing market forecasts by a margin. The January number 0f -0.8% was the lowest reading in nearly a year, while the previous two months' data was also revised lower. Retail sales fell by 0.8% in January, while December’s data was revised to 0.4% from 0.6% and November sales were revised to 0% from an initial reading of 0.3%.
The drop off in consumer spending over the last three months sent US Treasury yields, and the greenback, lower on Thursday but did little to change market expectations that the Federal Reserve would not start cutting interest rates until the end of the first half of the year. The chances of an earlierfell on Tuesday this week after data showed that US inflation remained stickier than expected in January.
The precious metal turned higher yesterday, in part due to a technically oversold Commodity Channel Index reading. The CCI indicator, comparable to RSI, compares the difference between the current and the historical price over a set time frame and shows if a market is overbought, neutral, or oversold. On Wednesday the CCI indicator showed gold deep in oversold territory and back at levels last seen in late September, just before the market rallied sharply.
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