Gold Down Ahead of U.S. Retail Sales Data, $12+ Volatility Expected; Feb 17, 2021
U.S. Retail Sales & Core Retail Sales
Today’s U.S. session will indeed hectic and important too. Let’s start with retail & core retail sales data. U.S. has scheduled to release retail sales and core retail sales data around 1330 GMT/1900 IST. This is the earliest and broadest look at vital consumer spending data. It’s the primary gauge of consumer spending, which accounts for the majority of overall economic activity. Along with it, U.S. will publish PPI and core PPI data. In case of mixed data release, market volatility is expected.
Let’s see how Gold has reacted during the previous data release:
XAU/USD (Gold): Gold falls gradually on Wednesday and stabilizes below $1,790 mark. The pair made intraday high at $1,795 and low at $1,783 mark. Both RSI and triple EMA suggest bearish trend on a Day and H1 chart. The key boundaries for the parity will be $1,776 and $1,802 mark. A sustained close of either side on a day chart will provide further direction to the parity.
Key Resistances: $1,802, $1,808, $1,817, $1,822, $1,828
Key Supports: $1,782, $1,776, $1,772, $1,764, $1,758
Take a look and do trade wisely!