Gold Spikes Up Sharply Ahead of U.S. Session, Markets Eye UoM Consumer Sentiment Data; April 16, 2021

U.S. Key Fundamental News: Building Permits, Housing Starts and Prelim UoM Consumer Sentiment Data

Today’s U.S. session will be important as U.S. will release Building Permits and Housing Data at 1230 GMT/1800 IST while UoM Consumer Sentiment Data at 1400 GMT/1930 IST.

Building Permits are an excellent gauge of future construction activity because obtaining a permit is among the first steps in constructing a new building. On the other side, Housing Start is a leading indicator of economic health because building construction produces a wide-reaching ripple effect. For example, jobs are created for the construction workers, subcontractors and inspectors are hired, and various construction services are purchased by the builder.

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

March 17:

Feb 18:

UoM Consumer Sentiment Data (1400 GMT/1930 IST):

There are 2 versions of this data released 14 days apart – Preliminary and Revised. The Preliminary release is the earlier and thus tends to have the most impact. Financial confidence is a leading indicator of consumer spending, which accounts for a majority of overall economic activity. This data is derived via a survey of about 500 consumers which asks respondents to rate the relative level of current and future economic conditions.

Let’s take a look how gold has reacted during the previous data release:

March 12:

Feb 12:

Technical View:

XAU/USD (Gold): Gold rises extremely ahead of U.S.’s key economic indicators. Today pair made intraday high at $1,775 and low $1,759 mark. A day chart suggests slightly bearish trend while H1 chart with triple EMA suggests bullish trend in short run. A sustained close above $1,778 on H1 chart requires for the upside rally. Alternatively, a consistent close below $1,758 will check further supports.

Key Resistances: $1,776, $1,782, $1,789, $1,794, $1,799

Key Supports: $1,758, $1,754, $1,748, $1,742, $1,737

Take a look and do trade wisely!
Good Luck

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