Gold Hits Fresh 1 – month High at $1,823 mark, Markets Eye U.S. Advance GDP & Pending Home Sales Results, $20+ Volatility Likely in Gold; July 29, 2021

How to trade gold during U.S. Session?

U.S. will release Advance GDP q/q data and unemployment claims weekly data at 1230 GMT/1800 IST while Pending Home Sales data at 1400 GMT/1930 IST.

Advance GDP is the broadest measure of economic activity and the primary gauge of the economy’s health. There are 3 versions of GDP released a month apart – Advance, Preliminary, and Final. The Advance release is the earliest and thus tends to have the most impact.

Let’s take a look how gold has reacted during the previous data release:

April 29:

Jan 28:

Technical View:

XAU/USD (Gold):

  • Gold spikes up on Thursday and touches $1,823 mark.
  • It is the highest level since July 20, 2021.
  • Today pair made intraday high at $1,823 and low $1,806 mark.
  • A day chart is down but H1 chart with triple EMA suggests bearish trend for the time being.
  • A sustained close above $1,824 on H1 chart requires for the upside rally.
  • Alternatively, a consistent close below $1,812 will check further supports.
$1,802 $1,824
$1,796 $1,830
$1,791 $1,834
$1,786 $1,840
$1,781 $1,845

Take a look and do trade wisely!
Good Luck