Key U.S. Indicators To Keep in Mind While Trading in Gold During U.S. Session; Jan 14, 2022

Key U.S. Indicators to Keep In Mind While Trading In Gold During U.S. Session

Today’s U.S. session will be busy as U.S. has scheduled to release key economic indicatos at different time intervals. U.S. will release Retail sales data at 1330 GMT/1900 IST, Industrial productions at 1415 GMT/1945 IST and lastly U.S. Prelim UoM Consumer Sentiment Data at 1500 GMT/2030 IST.

Retail Sales are the primary gauge of consumer spending, which accounts for the majority of overall economic activity. While Industrial Production is the leading indicator of economic health – production reacts quickly to ups and downs in the business cycle and is correlated with consumer conditions such as employment levels and earnings. Finally, Prelim UoM Consumer Sentiment data is derived via Survey of about 500 consumers which asks respondents to rate the relative level of current and future economic conditions.

Technical View:

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

Technical View:

XAU/USD (Gold):

  • The Gold remains volatile on Friday ahead of Key U.S. Economic Indicators.
  • Today pair made intraday high at $1,829 and low at $1,819 mark.
  • A day chart and H1 chart with triple EMA suggest up trend for the time being.
  • A sustained close above $1,828 on H1 chart requires for the upside rally.
  • Alternatively, a consistent close below $1,820 will check further supports.
Supports Resistances
$1,816 $1,832
$1,811 $1,838
$1,804 $1,844
$1,799 $1,849
$1,794 $1,854

Take a look and do trade wisely!
Good Luck

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