Gold Price Analysis: XAU/USD reluctant to go down on the US data big beat Gold Commodities DollarIndex Currencies Fed
US Retail Sales Advance Jan: 3.0% .US Retail Sales Control Group Jan: 1.7% .strengthened to almost 104 on Wednesday, the highest in nearly five weeks after a stronger-than-expected US CPI report bolstered expectations the Federal Reserve will need to keep pushing interest rates higher to bring down inflation. It moved to below 104 into the New York session as traders got set for the Retail Sales data which kept Gold bulls in the game ahead of the data.
On Tuesday, the annual inflation rate in the US slowed slightly to 6.4% in January from 6.5% in December, the lowest since October 2021 but above market expectations of 6.2%. The latest Fed commentary also showed that policymakers largely backed more rate increases, fueling a bid in the greenback after what was an indecisive show from markets around the inflation data initially.
With the latest data showing that retail sales rebounded more than expected in January, and rose the most since March 2021, highlighting the strength of the economy, the US Dollar has still not been able to take off which is giving the Gold bulls a lifeline currently:From a daily perspective, the price would be expected to fulfil a 1000 pip move to $1,825 whereby traders were trapped long at the start of the month.
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