Gtag:

Gold Soars on News of Oil Supply Cut by Saudi Nations, U.S. Personal Income & Spending Data in Focus; Jan 29, 2021

U.S. Personal Income & Spending Data

Today’s U.S. session will be hectic as U.S. has scheduled to release many key economic indicators. Here I am briefing you out about the Personal Income & Spending data. Income is correlated with spending – the more disposable income consumers have, the more likely they are to increase spending. On the other hand, consumer spending accounts for a majority of overall economic activity. It’s one of the most important gauges of economic health due to the vast ripple effect consumer buying creates in the economy.

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

Dec 23:

Nov 25:

Technical View:

XAU/USD (Gold): Gold spikes up in early U.S. session and touched $1,866 mark. All the U.S. markets are set to open lower, just following the Asian and European market trend.

One of the key reasons to high volatility in Gold is cut in oil supply by Saudi Arabia on concern over new corona virus variants and shortage of Covid vaccine worldwide. Saudi Arabia is set to cut oil output by 1 million barrels per day (bpd) in February and March.

A sustained close above $1,862 on a Day chart will test key resistances. Alternatively, reversal from key resistance will drag the parity back below $1,850 mark.

Key Resistances: $1,867, $1,872, $1,884, $1,892, $1,904

Key Supports: $1,854, $1,847, $1,840, $1,832, $1,827

Take a look and do trade wisely!
Good Luck

Tags
Share on facebook
Share on linkedin
Share on twitter
Share on telegram
Share on whatsapp
Unleash Powerful Trading Conditions with TP Global.

Recent Posts

Categories

Offices

305 Griffith Corporate Park, Beachmont Kingston, Saint Vincent & the Grenadines

Mail us

Drop mail at:
support@tpglobalfx.com

Contact us

Call or Whatsapp
+44 7441 416320

Risk Warning: Forex and Contracts for Difference (CFDs) are leveraged products. Trading in these products is highly speculative and involves substantial risk. Please note that even knowledgeable and well-experienced investors can experience large potential losses as a result of trading in Forex and CFDs. Consequently, investors should be fully aware of all the risks involved when trading Forex and CFDs and accept all the negative consequences associated with such trading. Please always remember that trading in Forex and CFDs might not be suitable for all investors. It is desirable investors who would consider trading, to do so only with money that they can afford to lose. You are also recommended to seek independent financial advice if necessary. The content on this website does not constitute financial or investment advice. Any information herein is of a general nature and does not take into consideration your personal circumstances, investment experience or current financial situation. Apple, the Apple logo, iPod, iPad, iPod touch, and iTunes are trademarks of Apple Inc, registered in the US and other countries. iPhone is a trademark of Apple Inc. App Store is a service mark of Apple Inc. This site is run and operated by - TP Global Services Limited registered by St. Vincent and the Grenadines with Number 25274 BC 2019. Registered office: Suite 305, Griffith Corporate Centre, Beachmont, P.O.Box 1510, Kingstown Saint Vincent and the Grenadines

TP Global Fx Africa Limited is incorporated in Federal Republic of Nigeria under the Companies and Allied matters Act 1990 with registration number RC 1674202. The objects of the company are all subject matters not forbidden by Companies and Allied Matters Act 1990. To provide Electronic Platform through which clients can choose currencies, commodities, indexes, CFDs and other leveraged financial instruments to trade.

TP Global Services Limited is registered with NFA (National Futures Association) USA with Registration Number 0533098.

mappin at-sign phone close