Gtag:

Be Attentive Ahead of U.S. Final Wholesale Inventory Results, High Volatility Likely in Gold; May 9, 2022

A Short Term Outlook: XAU/USD (Gold)

Gold spikes down sharply ahead of U.S. session and U.S. Wholesale Inventories data and touches $1,856 mark. It’s a signal of future business spending because companies are more likely to purchase goods once they have depleted inventories. There are 2 versions of this indicator released about a week apart – Preliminary and Final. The Preliminary release is the earliest and thus tends to have the most impact.

Let’s see how Gold has reacted during the previous data release:

April 08:

March 08:

Technical View:

XAU/USD (Gold):

  • Gold weakens sharply on Monday and slips back below $1,860 mark.
  • Today pair made intraday high at $1,885 and low at $1,856 mark.
  • A day chart and H1 chart with triple EMA suggest bearish trend for the time being.
  • A sustained close above $1,865 on H1 chart requires for the upside rally.
  • Alternatively, a consistent close below $1,852 on H1 chart will test further supports.
SUPPORTS RESISTANCES
$1,852 $1,867
$1,847 $1,872
$1,842 $1,878
$1,837 $1,884
$1,831 $1,889

 

Take a look and do trade wisely!
Good Luck

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