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SpanishGold 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.
| SUPPORTS | RESISTANCES |
| $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
TP Global FX Research Team
With a decade of Forex Market insight, TP Global FX Research Team delivers you the Market Insight that boosts your Trading Skills