The US retail data have taken all the singing and dancing away from the US dollar, which is under heavy selling pressure and hence we are experiencing another massive upward move for the precious metal. The data represents the most naked form of consumer confidence and it showed that the US consumers are holding back with both hands. This has pushed out the rate hike expectations which was the biggest curse for the yellow metal.
The precious metal is trading above its upward trend line on a daily time frame. The upward momentum is still strong and the RSI is confirming that the bias is till towards the upside.