U.S. Advance GDP Quarterly Data
U.S is going to release advance GDP data at 1230 GMT/0600 IST. Along with this advance GDP data, U.S. will publish unemployment claims weekly data as well. In case of mixed data, it will become difficult to predict market movement. Advance GDP data is the broadest measure of economic activity and the primary gauge of the economy’s health as well. Markets expect negative reading around -34.5 pct vs -5.0 pct previous release. If actual data comes greater than forecasted one then only it is good for U.S. dollar. On the other hand, markets expect negative reading from unemployment claims (weekly) also. Market has forecasted negative reading around 1440K claims vs 1416K claims previous release. In case of unemployment claims, actual data must be lower than forecasted data.
Let’s see how GOLD has reacted during the previous data release:
April 29: Negative Advance GDP q/q data & Positive Advance GDP price index q/q data
Jan 30: Flat Advance GDP q/q data, Negative Advance GDP price index q/q data and flat unemployment claims weekly data
XAU/USD (GOLD): Gold takes a halt around $1,981 mark and trades marginally lower on Thursday. Today pair made intraday high at $1,971 and low at $1,945 mark. A sustained close above $1,970 requires for the upside rally. Alternatively, reversal from key resistance will take the parity down towards key supports around $1,942, $1,931, $1,912, $1,907, $1,881 and $1,862 mark respectively. Key resistances are seen at $1,972, $1,981, $1,987, $1,994 and $1,999 mark respectively.
Take a look and do trade wisely!