Gold prices continued to fall yesterday breaking all support levels on the back of the bullish Dollar after the US retail sales printed extremely positive exceeding all the forecasts. However, a small recovery for the yellow metal occurred during the early hours today as the greenback entered a consolidation mode before picking up momentum again.
The price for Gold bounced off from its $1160.20 lows to retest the $1178 resistance after extreme oversold conditions dominated the whole day. If the price breaks above this level, we will be focusing on the $1183.5 level before we see any downtrend continuation.
Support: 1183.5 1168.8
Resistance: 1992.50 1197.75