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SpanishGold Recovers Slightly Ahead of U.S Prelim UoM Consumer Sentiment Data, $7+ Volatility Likely in Gold; Feb 11, 2022
U.S. Prelim UoM Consumer Sentiment Data
Today the only indicator fromt the U.S. session will be U.S. Prelim UoM Consumer Sentiment data scheduled at 1500 GMT/2030 IST. Financial confidence is a leading indicator of consumer spending, which accounts for a majority of overall economic activity. It is derived via a survey of about 500 consumers which asks respondents to rate the relative level of current and future economic conditions.
Let’s see how gold has reacted durign the previous data release:
Jan 14:
Dec 10:
Technical View:
XAU/USD (Gold):
- The Gold recovers slightly from previous losses and hovers around $1,827 mark.
- Today pair made intraday high at $1,828 and low at $1,820 mark.
- A day chart is up and H1 chart with triple EMA suggests down trend for the time being.
- A sustained close above $1,828 on H1 chart requires for the upside rally.
- Alternatively, a consistent close below $1,821 on H1 will check further supports.
| SUPPORTS | RESISTANCES |
| $1,816 | $1,830 |
| $1,811 | $1,836 |
| $1,804 | $1,842 |
| $1,799 | $1,847 |
| $1,794 | $1,854 |
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