Gold Falls Noticeably Ahead of U.S. Trade Balance Data, $9+ Volatility Likely; June 08, 2021
U.S. Trade Balance
Today’s U.S. calendar is almost empty only one economic indicator has scheduled and that is U.S. Trade Balance data. Export demand and currency demand are directly linked because foreigners must buy the domestic currency to pay for the nation’s exports. Export demand also impacts production and prices at domestic manufacturers. The goods portion has a muted impact because it’s a duplicate of the Goods Trade Balance data released about 5 days earlier. A positive number indicates that more goods and services were exported than imported.
Let’s see how Gold has reacted during the previous data release:
- Gold trades noticeably lower on Tuesday and stabilizes below $1,900 mark.
- The pair made intraday high at $1,903 and low at $1,889 mark.
- A day as well as H1 chart with triple EMA suggests bullish trend for the time being.
- A sustained close above $1,902 on H1 chart requires for the upside rally.
- On the other side, a consistent close below $1,892 will check further supports.
Take a look and do trade wisely!