Gold price struggling as U.S. retail sales rise 0.2% in June

Gold is struggling to defend the $4,000/oz support level, with the market seeing solid selling pressure. The backdrop is supportive of risk activity: U.S. consumer spending remains relatively healthy, which reduces near-term demand for safe-haven bullion. Net effect is a cautious, near-term bearish bias for gold prices.

Analysis

Gold is struggling to defend the $4,000/oz support level, with the market seeing solid selling pressure. The backdrop is supportive of risk activity: U.S. consumer spending remains relatively healthy, which reduces near-term demand for safe-haven bullion. Net effect is a cautious, near-term bearish bias for gold prices.