The U.S dollar debasement trade is back – Gold's next explosive breakout [Video]
The weak U.S. Retail Sales report provided support to precious metals markets.
Gold rallies as weak US data dents Fed hike bets
The U.S dollar debasement trade is moving back to the centre of global markets and Gold may be its clearest beneficiary.
The gold market initially surged during the week, but has given back some of the gains, and it looks like we may close out the week with some type of shooting star.
Gold prices recovered in the first half of Friday's session after yesterday's decline, helped by another batch of softer US economic data. The rebound could lose momentum however as oil prices pushed higher ahead of the weekend.
Gold: Upside seen as Fed hike bets fade – Commerzbank
Gold Weekly Forecast: Mideast stalemate keeps bullish potential in check
Gold: Fed pause keeps systematic demand supported - TD Securities
Softer inflation cut September hike odds, but gold needs lower oil and a weaker dollar to turn the rate-relief trade into a breakout.
Gold managed to drop towards the support at the 4300-10 zone. Prices rebounded so far and the chart shows the chance for a trading zone, before expanding the drop scenario toward 4200-20 in the coming trading weeks.
There are no fresh developments on the US-Iran conflict, with the Strait of Hormuz still in de facto closure after Iran threatened more ships again - this time being UAE oil vessels.