Gold Moves in Stiff Boundaries Ahead of U.S. Final GDP Data, Markets Eye U.S. FOMC Members’ Speeches; March 25, 2021
U.S. Final GDP q/q
Today’s U.S. session will be full of FOMC members’ speeches and U.S. quarterly GDP results. GDP data 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 see how Gold has reacted during the previous data release:
XAU/USD (Gold): The Gold trades marginally lower on Thursday and remains well supported below $1,740 mark. The pair made intraday high at $1,739 mark and low at $1,730 mark. A day chart and H1 chart with triple EMA confirm the bearish trend for the time being. A sustained close above $1,740 on H1 chart requires for the upside rally. Alternatively, a consistent close below $1,730 will drag the parity down back below $1,722 mark.
Key Resistances: $1,740, $1,748, $1,754, $1,762, $1,767, $1,772
Key Supports: $1,726, $1,722, $1,715, $1,708, $1,702, $1,694
Take a look and do trade wisely!