• Gold has corrected back from chart resistance in the $2,470s after the release of strong US retail sales data. 
• Lower US initial jobless claims brought more positive news about the US economy, helping to dispel recession fears.  
• The precious metal is probably unfolding a leg down within a sideways trend. 

Gold (XAU/USD) swings between mild gains and losses in the $2,450s on Friday. The precious metal is in the midst of a retreat from a key chart resistance line in the $2,470s, which it had been battling with for most of the earlier part of the week. 

The pullback was caused by better-than-expected US Retail Sales data released Thursday, which came out at 1.0% month-over-month in July, roundly beat economists estimates of 0.3%, and signaled a turnaround from June’s downwardly-revised 0.2% drop. 

The enduring strength of the US consumer eased concerns the US economy might be entering a recession, fears that plagued markets at the start of August. Gold’s safe-haven status means it is actually losing value due to the less pessimistic outlook engendered by the data.