Gtag:

Gold-Hits-Fresh-1-month-low-at-$1775-mark-Markets-Eye-US-Retail-Sales-Results-Sept-16-2021

U.S. Retail Sales & Core Retail Sales Results

The key event for the day will be U.S. Retail Sales and Core retail sales data schedule at 1230 GMT/1800 IST. Along with it, U.S. will come up with the Philly Fed Manufacturing Index data too. As all the key indicators will release at the same time, U.S. dollar might be volatile in case of mixed data release.

Retail Sales are the primary gauge of consumer spending, which accounts for the majority of overall economic activity. On the other side, Automobile sales account for about 20% of Retail Sales, but they tend to be very volatile and distort the underlying trend. The Core data is therefore thought to be a better gauge of spending trends.

If the ‘Actual’ results come up greater than ‘Forecasted’, it is good for U.S. dollar.

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

Aug 17:

July 16:

Technical View:

XAU/USD:

  • Gold spiked down sharply ahead of U.S. Retail Sales Results and slips back below $1,780 mark.
  • Today pair made intraday high at $1,796 and low at $1,777 mark.
  • A day chart and H1 chart with triple EMA suggests bearish trend for the time being.
  • A sustained close above $1,792 on H1 chart requires for the upside rally.
  • Alternatively, a consistent close below $1,772 will check further supports.
SUPPORTS RESISTANCES
$1,772 $1,796
$1,764 $1,802
$1,758 $1,808
$1,752 $1,812
$1,747 $1,818

Take a look and do trade wisely!
Good Luck

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