U.S. Current Account
Today U.S. will release quarterly Current Account Data at 1230 GMT/1800 IST. It’s directly linked to currency demand – a rising surplus indicates that foreigners are buying more of the domestic currency to execute transactions in the country. The goods and services portion has no impact because it’s a duplicate of the monthly Trade Balance data.
Let’s see how Gold has reacted during the previous data release:
- Gold moves in rigid boundaries and stabilizes around $1,780 mark.
- The pair made intraday high at $1,783 and low at $1,777 mark.
- A day chart and H1 chart with triple EMA suggests bearish trend for the time being.
- A sustained close above $1,790 requires for the upside rally.
- Alternatively, a consistent close below $1,774 will check further supports.
Take a look and do trade wisely!