Gold slipped on Thursday as the safe-haven metal was hurt by upbeat U.S. economic data that signaled a healthy economy and as stock markets climbed on optimism over the signing of the U.S.-China Phase 1 trade deal.
Technical Resistance: 1578/1585
Technical support: 1535/1525
S&P 500 blasts through 3,300 as tech stocks surge
The S&P 500 rallied through the 3,300 mark for the first time on Thursday and the other main U.S. indexes also surged to record highs, fueled by tech stocks, solid retail sales data and upbeat quarterly earnings from Morgan Stanley. Sentiment was further lifted by data that showed U.S. retail sales rose 0.3% in December, in line with economists’ estimates.
U.S. data point to moderate economic growth, tightening jobs market
U.S. retail sales increased for a third straight month in December, with households buying a range of goods even as they cut back on purchases of motor vehicles, suggesting the economy maintained a moderate growth pace at the end of 2019.
U.S. weekly jobless claims drop more than expected
The number of Americans filing for unemployment benefits fell more than expected last week, pointing to sustained labor market strength despite a recent slowdown in job growth. Initial claims for state unemployment benefits dropped 10,000 to a seasonally adjusted 204,000 for the week ended Jan. 11, the Labor Department said on Thursday.
Source: Bloomberg, CNBC, Reuters