Gold Moves in Stiff Boundaries ahead of U.S. Key Indicators, $12+ Volatility Likely in Gold; July 30; 2021

U.S. Personal Income and Spending Results:

Today U.S. will release Personal Income – Spending data (1230 GMT/1800 IST), Chicago PMI (1345 GMT/1915 IST) and Revised UoM Consumer Sentiment data at 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.

Let’s see how gold has reacted during the previous data release:

June 25:

May 28:

Technical View:

XAU/USD (Gold):

  • Gold moves in rigid boundaries ahead of U.S. key economic indicators.
  • Today pair made intraday high at $1,831 and low $1,825 mark.
  • A day chart is down but H1 chart with triple EMA suggests bullish trend for the time being.
  • A sustained close above $1,832 on H1 chart requires for the upside rally.
  • Alternatively, a consistent close below $1,821 will check further supports.
$1,821 $1,834
$1,815 $1,840
$1,809 $1,847
$1,802 $1,852
$1,796 $1,858

Take a look and do trade wisely!
Good Luck