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Gold Recovers Slightly Ahead of U.S Prelim UoM Consumer Sentiment Data, $7+ Volatility Likely in Gold; Feb 11, 2022

U.S. Prelim UoM Consumer Sentiment Data

Today the only indicator fromt the U.S. session will be U.S. Prelim UoM Consumer Sentiment data scheduled at 1500 GMT/2030 IST. Financial confidence is a leading indicator of consumer spending, which accounts for a majority of overall economic activity. It is derived via a survey of about 500 consumers which asks respondents to rate the relative level of current and future economic conditions.

Let’s see how gold has reacted durign the previous data release:

Jan 14:

Dec 10:

Technical View:

XAU/USD (Gold):

  • The Gold recovers slightly from previous losses and hovers around $1,827 mark.
  • Today pair made intraday high at $1,828 and low at $1,820 mark.
  • A day chart is up and H1 chart with triple EMA suggests down trend for the time being.
  • A sustained close above $1,828 on H1 chart requires for the upside rally.
  • Alternatively, a consistent close below $1,821 on H1 will check further supports.
SUPPORTS RESISTANCES
$1,816 $1,830
$1,811 $1,836
$1,804 $1,842
$1,799 $1,847
$1,794 $1,854

Take a look and do trade wisely!
Good Luck

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