The U.S. Commerce Department reported retail sales jumped 1.2% for the month of May and revised April’s read higher by 0.2%.

Gold bullion in the vaults at the Bank of England Credit: NewsCast +44 (0)20 7608 1000 No archiving

While weekly Unemployment Claims increased by 2,000 to 279,000 last week. Expectations were for Unemployment Claims to be unchanged at 277,000 last week.

Gold bugs are used the mix data to push gold prices (GLD, quote) of the lows as the U.S. dollar (UUP, quote) started out soft on the release. However, the bulls quickly loss ground shortly after the release (15min chart flag pattern) while the dollar index remains near the 95 level. UUP higher by 0.68%

Gold has been trading within 45 point range allowing two traders to work 2 simple strategies. 1) Simply look for the breakout above or below the range for a directional move. 2) Simply but at the bottom and sell at the top of the range and viscera for when price is at the top of the range.

Tagged with:

Leave a Reply