Chance To Capture $10+ Volatility In Gold During U.S. Economic Data
U.S. Personal Income & Spending Data
Today U.S. session will remain slightly hectic with few economic indicators along with the FOMC members’ speeches. At 1230 GMT/1800 IST, U.S. has scheduled to release personal income, spending as well as unemployment claims weekly data. As all the indicators will be release at the same time, there are chances of volatility during U.S. session. 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. Income is correlated with spending – the more disposable income consumers have, the more likely they are to increase spending.
Let’s see how GOLD has reacted during the previous data release:
XAU/USD (GOLD): Gold rises noticeably on Thursday and hovers around $1,900 mark. Today pair made intraday high at $1,900 and low at $1,884 mark. A sustained close above $1,897 requires for the upside rally. On the other side, consistent close below $1,885 will check key supports as well. Key support levels are seen around $1,876, $1,862, $1,854, $1,849, $1,840, $1,822, $1,809 and $1,787 mark respectively. Key resistances are seen at $1,902, $1,908, $1,917, $1,932, $1,940, $1,947, $1,957 and $1,972 marks respectively.
Take a look and do trade wisely!