U.S. Prelim UoM Consumer Sentiments
The only key event from the U.S. will be U.S. Prelim UoM Consumer Sentiment Results scheduled at 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 see how Gold has reacted during the previous data release:
- Gold trades in narrow range and hovers around $1,760 mark.
- Today pair made intraday high at $1,760 and low $1,751 mark.
- A day chart is down while H1 chart with triple EMA suggests up trend for the time being.
- A sustained close above $1,758 on H1 chart requires for the upside rally.
- Alternatively, a consistent close below $1,748 will check further supports.
Take a look and do trade wisely!