Be Watchful Ahead of U.S. Personal Income & Spending Data, $10+ Volatility expected in Gold; Oct 30, 2020

U.S. Personal Income & Spending

U.S. will publish personal income as well as spending data around 1230 GMT/1800 IST. Income is correlated with spending – the more disposable income consumers have, the more likely they are to increase spending. Consumer spending accounts for a majority of overall economic activity. It’s one of the most important gauges of economic health due to the vast ripple effect consumer buying creates in the economy.

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

Oct 1

Aug 28

Technical View:

XAU/USD: Gold exhibits range bound movement ahead of U.S. economic data. Today pair made intraday high at $1,878 and low at $1,864 mark. A sustained close above $1,881 requires for the upside rally. On the other side, consistent close below $1,867 will check key supports as well. Key support levels are seen around $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!
Good Luck