U.S. Retail Sales & Industrial Productions Results
Today’s U.S. session will remain hectic as U.S. has scheduled to release Retail Sales & Core Retail Sales data (1230 GMT/1800 IST). Just after that, U.S. will release Industrial Production and Capacity Utilization Rate data at 1315 GMT/1845 IST. Sales data is the primary gauge of consumer spending, which accounts for the majority of overall economic activity. While 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 during the previous data release:
XAU/USD (Gold): Gold rises sharply ahead of U.S.’s multiple fundamental news. Today pair made intraday high at $1,749 and low $1,734 mark. A day chart suggests bearish trend while H1 chart with triple EMA suggests bullish trend in short run. A sustained close above $1,748 on H1 chart requires for the upside rally. Alternatively, a consistent close below $1,735 will check further supports.
Key Resistances: $1,748, $1,754, $1,762, $1,767, $1,772
Key Supports: $1,732, $1,727, $1,721, $1,715, $1,708
Take a look and do trade wisely!