Key U.S. Indicators to Keep In Mind while Trading in Gold:
Today U.S. has scheduled to release U.S. Retail & Core Retail Sales data at 1330 GMT/1900 IST and then U.S. Industrial Production data at 1415 GMT/1945 IST. Retail sales are the primary gauge of consumer spending, which accounts for the majority of overall economic activity. This is the earliest and broadest look at vital consumer spending data. In addition, 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 durint the previous data release:
- Gold strengthens ahead of U.S. key indicators and stabilizes above $1,870 mark.
- Today pair made intraday high at $1,875 and low at $1,861 mark.
- A day chart and H1 chart with triple EMA suggest up trend for the time being.
- A sustained close above $1,876 on H1 chart requires for the upside rally.
- Alternatively, a consistent close below $1,862 on H1 chart will check further supports.
Take a look and do trade wisely!