U.S. Personal Spending & Income Data
U.S. is going to release personal spending and income data around 1230 GMT/0600 IST. Consumer spending accounts for a majority of overall economic activity. It’s one of the most important gauges of economic health due to the vast ripple effect consumer buying creates in the economy. Income is correlated with spending – the more disposable income consumers have, the more likely they are to increase spending. In addition, U.S. will release Consumer Price Index data at the same time and UoM revised Consumer Sentiment data around 1400 GMT/0730 IST.
Let’s see how Gold has reacted during the previous data release:
XAU/USD (GOLD): Gold trades noticeably up ahead of U.S. personal spending and income data. Today pair made intraday high at $1,983 and low at $1,955 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 $1,955, $1,947, $1,942, $1,931, $1,912, $1,907, $1,881 and $1,862 mark respectively. Key resistances are seen at $1,976, $1,982, $1,994 and $1,999 mark respectively.
Take a look and do trade wisely!