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Gold Rises Gradually Ahead of U.S. Key Economic Indicators, Markets Eye U.S. Fed Chair Powell’s Speech too; Aug 17, 2021

U.S. Retail Sales and Industrial Production Results

Today’s U.S. session will be important as U.S. will release Retail Sales data at 1230 GMT, Industrial Production data at 1315 GMT and lastly U.S. Fed Chair Powell’s speech at 1730 GMT.

Fed Chair Powell (1730 GMT/2300 IST) is likely to speak at an online town hall event. Audience questions are expected. The topic of the speech is still unknown, may give hint on the U.S. economic projections and bond buying program.

Retail Sales is the primary gauge of consumer spending, which accounts for the majority of overall economic activity while Industrial production is a leading indicator of economic health – production reacts quickly to ups and downs in the business cycle and is correlated with consumer conditions such as employment levels and earnings.

Let’s see how Gold has reacted during the previous data release:
July 16:

June 15:

Technical View:

XAU/USD (Gold):

  • Gold appreciates noticeably and stabilizes above $1,790 mark.
  • Today pair made intraday high at $1,795 and low $1,784 mark.
  • A day chart is down while H1 chart with triple EMA suggests up 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.
SUPPORTS RESISTANCES
$1,782 $1,794
$1,776 $1,801
$1,772 $1,808
$1,767 $1,812
$1,761 $1,817

Take a look and do trade wisely!
Good Luck

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