Be Watchful on Gold Ahead of U.S. Prelim UoM Consumer Sentiment Data, $12+ Volatility Likely; Feb 12, 2021
U.S. Prelim UoM Consumer Sentiment
The week comes to an end with light calendar, few Fundamentals and range bound volatilities. Today U.S. will release one of the key fundamental Prelim UoM Consumer Sentiment data at 1500 GMT/2030 IST. There are 2 versions of this data released 14 days apart – Preliminary and Revised. The Preliminary release is the earlier and thus tends to have the most impact. Financial confidence is a leading indicator of consumer spending, which accounts for a majority of overall economic activity. This data is derived via a survey of about 500 consumers which asks respondents to rate the relative level of current and future economic conditions.
Let’s see how Gold has reacted during the previous data release:
XAU/USD (Gold): Gold erases previous loss against U.S. dollar and jumps back above $1,820 mark. The pair touched $1,812 mark in European hours and currently hovers around $1,820 mark. Both H1 and a Day chart suggest the bearish trend for the time being. On the top side, a sustained close above $1,827 will check further resistances. Alternatively, consistent close below $1,817 will check further supports too.
Key Resistances: $1,827, $1,832, $1,840, $1,848, $1,854
Key Supports: $1,812, $1,807, $1,798, $1,785, $1,778
Take a look and do trade wisely!