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SpanishGold Moves in Rigid Boundaries, Markets eye U.S. Key Economic Data ; June 25, 2021
U.S. Personal Income & Spending Results
Today U.S. will release Personal Income, Personal spending (1230 GMT/1800 IST) as well as Revised UoM Consumer Sentiment data (1400 GMT/1930 IST). Income is correlated with spending – the more disposable income consumers have, the more likely they are to increase spending. Consumer spending accounts for a majority of overall economic activity. It’s one of the most important gauges of economic health due to the vast ripple effect consumer buying creates in the economy. On the other side, revised UoM Consumer Sentiment data is derived via a survey of about 500 consumers which asks respondents to rate the relative level of current and future economic conditions.
1230 GMT/1800 IST
1400 GMT/1930 IST
Let’s see how gold has reacted during the previous data release:
May 28:
April 30:
Technical View:
XAU/USD (Gold):
- Gold remains volatile on Friday and hovers around $1,780 mark.
- The pair made intraday high at $1,783 and low at $1,773 mark.
- A day chart and H1 chart with triple EMA suggests bearish trend for the time being.
- A sustained close above $1,784 on H1 requires for the upside rally.
- Alternatively, a consistent close below $1,772 will check further supports.
| SUPPORTS | RESISTANCES |
| $1,772 | $1,787 |
| $1,768 | $1,794 |
| $1,762 | $1,799 |
| $1,757 | $1,805 |
| $1,751 | $1,812 |
Take a look and do trade wisely!
Good Luck
