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SpanishGold Moves in Stiff Boundaries Ahead of U.S. Trade Balance Results, $10+ Volatility Likely; Aug 05, 2021
U.S. Trade Balance:
Today U.S. will release Trade Balance Data and unemployment claims weekly data at 1230 GMT/1800 IST. The goods portion has a muted impact because it’s a duplicate of the Goods Trade Balance data released about 5 days earlier. A positive number indicates that more goods and services were exported than imported. Export demand and currency demand are directly linked because foreigners must buy the domestic currency to pay for the nation’s exports. Export demand also impacts production and prices at domestic manufacturers.
Let’s see how Gold has reacted during the previous data release:
June 08:
May 04:
Technical View:
XAU/USD (Gold):
- Gold continues to trades in rigid boundaries as markets eye U.S. NFP Job results due tomorrow.
- Today pair made intraday high at $1,814 and low $1,808 mark.
- A day chart and H1 chart with triple EMA suggests bearish trend for the time being.
- A sustained close above $1,818 on H1 chart requires for the upside rally.
- Alternatively, a consistent close below $1,806 will check further supports.
| SUPPORTS | RESISTANCES |
| $1,802 | $1,815 |
| $1,796 | $1,819 |
| $1,791 | $1,824 |
| $1,785 | $1,830 |
| $1,776 | $1,834 |
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