Gold Breaks Key Support on USD Rally

From orbex.com

The yellow metal was heavily lower this week. A strong rally in USD saw the precious metal breaking down below key technical support. The main driver behind the USD rally was the release of Retail sales data for March. This saw the figure rising at its quickest pace in 18 months. The release was stronger than expected, printing 1.6% vs the forecast 1%. Alongside this, there was a sharp drop in continuing claims. The number of US citizens filing for unemployment benefits hit 50-year lows, boosting the USD. The data has been welcomed by USD bulls following the release of the March FOMC minutes last week. These saw the ... (full story)