Gtag:

Gold Trades In Rigid Boundaries Ahead of U.S. Retail Sales Data, $12+ Volatility Likely in Gold; Dec 15, 2021

U.S. Retail Sales & Core Retail Sales

Today U.S. has schedule to release Retail Sales, Core Retail Sales and Empire State Manufacturing Index data at 1330 GMT/1900 IST. As all the key ecconomic Indicators are releaseing at the same time and in case of mixed data release, U.S. dollar likely to face high volatility against major peers.

Let’s take in to consideration the past U.S. Retail Sales data results and forecast the likely movement in gold only. Retail Sales are the earliest and broadest look at vital consumer spending data. It’s the primary gauge of consumer spending, which accounts for the majority of overall economic activity. Automobile sales account for about 20% of Retail Sales, but they tend to be very volatile and distort the underlying trend. The Core data is therefore thought to be a better gauge of spending trends.

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

Nov 16:

Oct 15:

Technical View:

XAU/USD (Gold):

  • The Gold trades in narrow range ahead of U.S. Retail Sales data and hovers around $1,770 mark.
  • Today pair made intraday high at $1,773 and low at $1,766 mark.
  • A day chart and H1 chart with triple EMA suggest down trend for the time being.
  • A sustained close above $1,776 on H1 chart requires for the upside rally.
  • Alternatively, a consistent close below $1,767 will check further supports.
SUPPORTS RESISTANCES
$1,764 $1,776
$1,757 $1,782
$1,752 $1,789
$1,747 $1,794
$1,742 $1,804

Take a look and do trade wisely!
Good Luck

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