Gold prices dropped on Tuesday as the tension between the U.S and North Korea eased as reports that North Korean leader Kim Jong Un postponed his decision
Gold prices dropped on Tuesday as the tension between the U.S and North Korea eased as reports that North Korean leader Kim Jong Un postponed his decision on firing missiles towards the U.S. pacific territory of Guam.
According to the data released by the Commerce Department on Tuesday – Retail sales rose to 0.6% last month which marked the largest gain in seven months, ending four-consecutive months of lower than expected growth.
The FOMC July minutes will be published today at 18:00 GMT.
Technical Outlook
Gold prices turned from a positive to negative, as seen in the chart. The Single candle in the top of the uptrend has formed “Spinning top candle stick pattern” which indicates a trend reversal.
Gold Daily Chart
Gold prices are about to make the third attempt to hit $1300. The attempt has formed a Triple Top chart and might be a reversal point.
On the other hand, a break above 1300 will cancel the Triple Top pattern. Furthermore, upside rally may continue towards $1318-$1362.
