U.S. Personal Income & Spending Data
Today U.S. will release many key economic indicators at the same time at 1230 GMT/1800 IST. They are personal Income, Personal Spending and Trade balance data. Later at 1400 GMT/1930 IST U.S. Fed Chair Powell’s speech is in focus along with revised UoM Consumer Sentiment data. Powell is due to speak about the economic outlook of the U.S. at the Jackson Hole Economic Policy Symposium.
Let’s see how Gold has reacted during the previous data release:
- Gold depreciates sharply ahead of U.S. Session on news that President Joe Biden’s advisers are considering recommending Jerome Powell for a second term as Federal Reserve chair paired with Lael Brainard as the Central Bank’s Chief Regulator.
- In addition, Gallup’s Economic Confidence Index dropped to -12 from -6 in July and is now back to the level it was at in February. The index remains better than its pandemic low point of -33 in April 2020 but is still well below the +41 Gallup measured right before the pandemic took hold – Sources.
- Lastly China issues 5 – Year plan to promote Employment to prevent Large-Scale Unemployment Risks – Xinhua.
- It made intraday high at $1,805 and low at $1,791 mark.
- A day chart is down and H1 chart with triple EMA suggests bullish trend for the time being.
- A sustained close above $1,804 on H1 chart requires for the upside rally.
- Alternatively, a consistent close below $1,792 will check further supports.
Take a look and do trade wisely!