The latest consumer confidence report from the Conference Board showed a decline in the index. The CB Consumer confidence index fell to 125.5 in November, down from October’s 125.90.
The decline marks a fourth consecutive fall in the index. Yet, gold prices did not react much to the news. The risk-on sentiment seems to be keeping the price of the safe haven in check.
XAU/USD Attempting a Feeble Rebound
The precious metal was rather subdued on Tuesday. Price action is looking to bounce back higher. But the price level near 1462 is likely to act as resistance.
If the price gains are capped here, we could expect a move toward the lower support at 1445 in the near term. But keep an eye on the Stochastics indicator which is just rising up from the oversold levels. This could indicate a possible move back above the 1462 handle.
