Get Ready To Grab $15+ in Gold As U.S. PPI Data is Realising Shortly
U.S. PPI & Core PPI Data
U.S. will publish PPI as well as Core PPI data around 1230 GMT/1800 IST. It’s a leading indicator of consumer inflation – when producers charge more for goods and services the higher costs are usually passed on to the consumer. If actual data comes higher than forecasted, it will be good for U.S. dollar.
Let’s see how Gold has reacted during the previous data release:
XAU/USD (Gold): Gold recovers slightly from previous losses and currently hovers around $1,900 mark. Today pair made intraday high at $1,900 and low at $1,882 mark. A sustained close above $1,900 requires for the upside rally. On the other side, consistent close below $1,891 will check key supports as well. Key support levels are seen around $1,882, $1,876, $1,864, $1,857, $$1,849, $1,840, $1,822, $1,809 and $1,787 mark respectively. Key resistances are seen at $1902, $1,918, $1,922, $1,932, $1,940, $1,947, $1,957 and $1,972 marks respectively.
Take a look and do trade wisely!