Key Indicators to Keep In Mind during U.S. Session
Today U.S. will come up with the Retail, Core Retail Sales and Empire State Manufacturing Index data at 1230 GMT/1800 IST. Retail Sales is the primary gauge of consumer spending, which accounts for the majority of overall economic activity. If the actual results are higher than forecasted, it will be good for U.S. dollar.
Let’s see how Gold has reacted during the previous data release:
Retail Sales (1230 GMT/1800 IST):
Prelim UoM Consumer Sentiment (1400 GMT/1930 IST):
Financial confidence is a leading indicator of consumer spending, which accounts for a majority of overall economic activity. 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. 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.
- Gold rejects key resistance at $1,800 mark and depreciates sharply to $1,780 mark.
- Today pair made intraday high at $1,796 and low at $1,780 mark.
- A day chart is down and H1 chart with triple EMA suggests up trend for the time being
- A sustained close above $1,800 on H1 chart requires for the upside rally.
- Alternatively, a consistent close below $1,778 will check further supports.
Take a look and do trade wisely!