Be Watchful ahead of U.S. Advance GDP Data, $10+ Volatility Expected in Gold; Oct 29, 2020
U.S. Advance GDP q/q
U.S. will publish advance GDP data q/q at 1230 GMT/1800 IST. It’s 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. Along with advance GDP, U.S. will publish unemployment claims weekly data as well. In case of mixed data, U.S. dollar may give volatility for the time being.
Let’s see how Gold has reacted during the previous data release:
XAU/USD: Gold exhibits range bound movement ahead of U.S. advance GDP data. Today pair made intraday high at $1,885 and low at $1,875 mark. A sustained close above $1,908 requires for the upside rally. On the other side, consistent close below $1,877 will check key supports as well. Key support levels are seen around $1,864, $1,857, $$1,849, $1,840, $1,822, $1,809 and $1,787 mark respectively. Key resistances are seen at $1,887, $1,894, $1,902, $1,914, $1,922, $1,927, $1,932, $1,940, $1,947, $1,957 and $1,972 marks respectively.
Take a look and do trade wisely!