U.S. Prelim GDP q/q
U.S. will release Prelim GDP q/q data around 1230 GMT/1800 IST. Along with this data, U.S. will also release unemployment claims weekly data. GDP data is the broadest measure of economic activity and the primary gauge of the economy’s health. If the actual data comes higher than forecasted then it will be good for U.S. dollar only. This time market has expected GDP to come around -32.5 vs -5.0 previous released. On the other side, weekly unemployment claims are expected to come around 1000K vs 1106K previous released. Here, actual prelim GDP must be higher than -32.5 pct and actual weekly unemployment claims are must be lower than 1000K.
Let’s see how gold has reacted during the previous data release:
XAU/USD (GOLD): Gold trades marginally lower ahead of prelim GDP data. Today pair made intraday high at $1,954 and low at $1,937 mark. A sustained close above $2,001 requires for the upside rally. Alternatively, reversal from key resistance will take the parity down towards key supports around $1,938, $1,922, $1,910, $1,902, $1,890, $1,862, $1,840, $1,822, $1,809 and $1,787 mark respectively. Key resistances are seen at $1,948, $1,957, $1,972, $1,987, $1,994, $2,008, 2,020, 2,038 and $2,063 marks respectively.
Take a look and do trade wisely!