U.S. Prelim GDP q/q
Today U.S. has scheduled to release Prelim GDP data and unemployment claims weekly data at 1230 GMT/1800 IST. It’s the broadest measure of economic activity and the primary gauge of the economy’s health. There are 3 versions of GDP released a month apart – Advance, Preliminary, and Final. The Advance release is the earliest and thus tends to have the most impact.
Let’s see how Gold has reacted during the previous data release:
- Gold moves in rigid boundaries and remains well supported above $1,780 mark.
- It made intraday high at $1,783 and low at $1,792 mark.
- A day chart and H1 chart with triple EMA suggests bearish trend for the time being.
- A sustained close above $1,794 on H1 chart requires for the upside rally.
- Alternatively, a consistent close below $1,782 will check further supports.
Take a look and do trade wisely!