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Gold Trades Flat Ahead of U.S. Key Economic Results, $12+ Volatility Likely; Dec 23, 2021

Key U.S. Indicators to Keep in Mind While Trading in Gold

Today’s U.S. session is little bit hectic as U.S. has schedueld to release various Key Economic Resutls at the same time 1330 GMT/1900 IST only. The key U.S. Economic Indicators will be U.S. personal Income and Spending results, Durable Goods & Core Durable goods orders results and lastly unemployment claims weekly data. In addition, U.S. will come up with the New Home sales and Revised UoM Consumer Sentiment results at 1500 GMT/2030 IST. Each key economic Indicators will give around $10 volatility in Gold and in case of mixed economic results, U.S. dollar gets voaltile against major peers.

Here I am taking into consideration the past movement of U.S. Personal Income and Spending data only.

Let’s see how gold has reaccted during the previous data release:

Nov 24:

Oct 29:

Technical View:

XAU/USD (Gold):

  • The Gold moves in stiff boundaries ahead of U.S. Session and hovers around $1,805 mark.
  • Today pair made intraday high at $1,808 and low at $1,803 mark.
  • A day chart is down and H1 chart with triple EMA suggests up trend for the time being.
  • A sustained close above $1,811 on H1 chart requires for the upside rally.
  • Alternatively, a consistent close below $1,798 will check further supports.
SUPPORTS RESISTANCES
$1,798 $1,811
$1,792 $1,816
$1,786 $1,822
$1,781 $1,827
$1,776 $1,832

Take a look and do trade wisely!
Good Luck

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