The US Dollar is making another attempt to recover on Tuesday, after a brief decline on Monday following the release of the United States Retail Sales report. The US Commerce Department reported that Retail Sales increased by 0.2% last month, with May's data being revised to show a gain of 0.5% instead of the previously reported 0.3%. The market had expected a growth of 0.5% for this period.
Although the reading was below expectations, the underlying sales showed resilience, particularly with a significant increase of 1.9% in online sales. Sales at food services and drinking places also saw a slight increase of 0.1%. However, later in the American trading session, the positive shift in risk sentiment on Wall Street limited the US Dollar's recovery as strong bank earnings boosted US stocks, negatively impacting the safe-haven status of the US Dollar.
On the upside, Gold price finds initial resistance at the 1,980 round number, above which the previous day’s high of 1,984 will be tested. Acceptance above the latter will trigger a fresh advance toward the 2,000 key barrier.
Although the reading was below expectations, the underlying sales showed resilience, particularly with a significant increase of 1.9% in online sales. Sales at food services and drinking places also saw a slight increase of 0.1%. However, later in the American trading session, the positive shift in risk sentiment on Wall Street limited the US Dollar's recovery as strong bank earnings boosted US stocks, negatively impacting the safe-haven status of the US Dollar.
On the upside, Gold price finds initial resistance at the 1,980 round number, above which the previous day’s high of 1,984 will be tested. Acceptance above the latter will trigger a fresh advance toward the 2,000 key barrier.
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