Chance to Grab $15 movement in Gold during U.S. Personal Income & Spending Data; Nov 25, 2020
U.S. Personal Income & Spending Data
U.S. has scheduled to release key economic data to release at 1500 GMT/2030 IST. Along with Personal Income and Spending data, U.S. will release New Home Sales and Revised UoM Consumer Sentiment data too.
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:
XAU/USD (Gold): Gold trades flat on Wednesday and hovers around $1,810 mark. Today pair made intraday high at $1,815 and low at $1,801 mark. A sustained close above $1,832 requires for the upside rally. On the other side, consistent close below $1,807 will check key supports as well. Key support levels are seen around $1,798, $1,787, $1,782, $1,774 and $1,768 mark respectively. Key resistances are seen at $1,822, $1,827, $1,832, $1,840, $1,857, $1,876, $1,882, $1,887, $1,892, $1,902 and $1,917 marks respectively.
Take a look and do trade wisely!