Be Watchful Ahead of U.S. Advance GDP Data, $10+ Volatility Likely In Gold; Jan 28, 2021
U.S. Advance GDP q/q
U.S. will release advance GDP q/q, unemployment claims weekly as well as goods trade balance monthly data at 1330 GMT/1900 IST. As all the indicators are releasing at the same time, volatility is expected in case of mixed data. Advance GDP q/q is the broadest measure of economic activity and the primary gauge of the economy’s health. On the other side, Export demand and currency demand are directly linked because foreigners must buy the domestic currency to pay for the nation’s exports. Export demand also impacts production and prices at domestic manufacturers. Here I am briefing you out about the Advance GDP data.
Let’s see how Gold has reacted during the previous data release:
XAU/USD (Gold): Gold trades marginally lower on Thursday and hovers around $1,840 mark. The pair made intraday high at $1,845 and low at $1,834 mark. A sustained close above $1,845 requires for the upside rally. Alternatively, current downside trend will check key support levels too.
Key Resistances: $1,847, $1,852, $1,860, $1,872, $1,885
Key Supports: $1,832, $1,827, $1,822, $1,815, $1,802
Take a look and do trade wisely!