Key U.S. Indicators to Keep in Mind While Trading in Gold
Today U.S. has scheduled to release Final GDP q/q data at 1330 GMT/1900 IST and thereafter U.S. Existing Home Sales Data at 1500 GMT/2030 IST.
The Final GDP is 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.
Let’s see how Gold has reacted during the previous data release:
U.S. Existing Home Sales Results (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 moves in rigid boundaries ahead of U.S. Final GDP results.
- Today pair made intraday high at $1,791 and low at $1,785 mark.
- A day chart and H1 chart with triple EMA suggest down trend for the time being.
- A sustained close above $1,792 on H1 chart requires for the upside rally.
- Alternatively, a consistent close below $1,786 will check further supports.
Take a look and do trade wisely!