U.S. Advance GDP q/q & Pending Home Sales Results
Today U.S. has scheduled to release Advance GDP q/q, Durable Goods Orders, Core Durable Goods Orders and Unemployment Claims Weekly data at 1330 GMT/1900 IST.As all the key indicators are releasing at the same time, U.S. dollar may get volatile against major peers. Here I am taking into consideration the Advance GDP results only to forecast the expected movemnt in gold.
Advance GDP is the Is the the broadest measure of economic activity and the primary gauge of the economy’s health. There are 3 versions of GDP released a month apart – Advance, Preliminary, and Final. The Advance release is the earliest and thus tends to have the most impact.
Thereafter, U.S. will come up with the Pending Home Sales results at 1500 GMT/2030 IST. It’s a leading indicator of economic health because the sale of a home triggers a wide-reaching ripple effect. For example, renovations are done by the new owners, a mortgage is sold by the financing bank, and brokers are paid to execute the transaction.
Let’s see how Gold has reacted during the previous data release:
- The Gold remains volatile ahead of U.S. key economic indicators and hovers around $1,815 mark.
- Today pair made intraday high at $1,822 and low at $1,809 mark.
- A day chart is up and H1 chart with triple EMA suggests down trend for the time being.
- A sustained close above $1,822 on H1 chart requires for the upside rally.
- Alternatively, a consistent close below $1,809 will check further supports.
Take a look and do trade wisely!