Prior -25
- Total distributive reported sales -2
- Prior -21
UK retail sales is seen picking up ahead of the Christmas period, with CBI noting that:
"It says something about the challenges the retail sector has faced during 2020 that stable volumes in the run-up to Christmas were seen as a good result for the time of the year. The new year looks set for an unpromising start, with retailers anticipating a sharp fall in sales in January."
Of note, the outlook reading is seen at -33 and the thing to note about this survey is that it came before tougher lockdown restrictions were announced for London and southern England over the weekend by the government.
The readings here are an indicator of short-term trends in the retail and wholesale sector of the UK economy.
Technical analysis:
Gold has been trading downwards during the Asia session and first half of Europe session but I see potential exhaustion and further upside movement.
The trend is still bullish and the support at the price of #1,872 looks like the nice pivot level for further rise (previous swing high on daily).
My advice is to watch for buying opportunities on the dips with the upside target at $1,950.
Additionally, there is the rising trend line....
Finviz Relative Strength >
On the top of the list wr got VIX and Ethanol and on the bottom Platinum and Gasoline...
Support level: $1,872
Resistance levels: $1,954
