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SpanishA Short Term Outlook of Gold Ahead of Key U.S. Fundamentals; Aug 16, 2022
Key U.S. Economic Indicators to keep in Mind while trading in Gold during U.S. Session
Today U.S. has scheduled to release Building Permits and Housing Starts data at 1230 GMT/1800 IST. Thereafter U.S. Industrial Production data will be released around 1400 GMT/1930 IST.
Here Building Permits data will give an excellent gauge of future construction activity because obtaining a permit is among the first steps in constructing a new building. While housing start data is a leading indicator of economic health because building construction produces a wide-reaching ripple effect. For example, jobs are created for the construction workers, subcontractors and inspectors are hired, and various construction services are purchased by the builder. And lastly Industrial production is correlated with consumer conditions such as employment levels and earnings.
Let’s see how Gold has reacted during the previous data release:
July Results:
Technical View:
XAU/USD (Gold):
- Gold trades slightly lower on Tuesday and touches $1,774 mark ahead of Key U.S. fundamentals.
- The pair made intraday high at $1,783 and Low at $1,773 mark.
- A day chart and H1 chart with triple EMA suggest bearish trend for the time being.
- A sustained close above $1,784 on H1 chart requires for the upside rally.
- Alternatively, a consistent close below $1,772 on H1 chart will test further supports.
|
Supports
|
Resistances
|
|
$1,772
|
$1,787
|
|
$1,767
|
$1,792
|
|
$1,762
|
$1,798
|
|
$1,756
|
$1,804
|
|
$1,749
|
$1,808
|
Take a look and do trade wisely!
Good Luck
