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Gold Trades Marginally Higher Ahead of U.S. Prelim UoM Consumer Sentiment Results, $14+Volatility Likely; Sept 17, 2021

U.S. Prelim UoM Consumer Sentiment Results

The only key indicator from the U.S. will be Prelim UoM Consumer Sentiment Data 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:

Aug 13:

July 16:

Technical View:

XAU/USD:

  • Gold trades marginally higher ahead of U.S. Prelim UoM Consumer Sentiment Results and touches $1,766 mark in European hours.
  • Today pair made intraday high at $1,766 and low at $1,752 mark.
  • A day chart and H1 chart with triple EMA suggests bearish trend for the time being.
  • A sustained close above $1,772 on H1 chart requires for the upside rally.
  • Alternatively, a consistent close below $1,752 will check further supports.
SUPPORTS RESISTANCES
$1,752 $1,772
$1,747 $1,778
$1,741 $1,784
$1,736 $1,789
$1,731 $1,794

Take a look and do trade wisely!
Good Luck

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