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SpanishGold Rejects Key Resistance at $1,748 mark ahead of U.S. Advance GDP q/q Results, $15+ Volatility Likely in Gold; July 28, 2022
U.S. Advance GDP q/q
Today U.S. has scheduled to release Advance GDP q/q data at 1230 GMT/1800 IST along with unemployment claims weekly data. Advance GDP 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.
Do keep in mind that U.S. Treasury Sec Yellen is due to speak during U.S. session. The time and subject of the speech has not been disclosed by the Government officials. Any hint or comments on Monetary Policy may bring volatility to the FX markets.
Let’s see how Gold has reacted during the previous data release:
April 28:
Jan 27:
Technical View:
XAU/USD (Gold):
- Gold rejects key resistance at $1,748 mark during European hours and currently hovers around $1,740 mark.
- The pair made intraday high at $1,748 and Low at $1,734 mark.
- A day chart is down and H1 chart with triple EMA suggests up trend for the time being.
- A sustained close above $1,748 on H1 chart requires for the upside rally.
- Alternatively, a consistent close below $1,736 on H1 chart will test further supports.
| SUPPORTS | RESISTANCES |
| $1,736 | $1,748 |
| $1,732 | $1,754 |
| $1,727 | $1,760 |
| $1,721 | $1,764 |
| $1,715 | $1,768 |
Take a look and do trade wisely!
Good Luck
