Gold Remains Extremely Volatile on Tuesday Ahead of U.S. PPI data, A Consistent Close Below $1,848 Requires for the Downside Rally; Feb 15, 2022
U.S. PPI & Core PPI data
Today U.S. has scheduled to release PPI, Core PPi and Empire State Manufacturing Index data at 1330 GMT/1900 IST. As all three indicators are releasing at the same time, mixed data likely to give volatility to the U.S. dollar. PPI is a leading indicator of consumer inflation – when producers charge more for goods and services the higher costs are usually passed on to the consumer. If ‘Actual’ results are greater than ‘Forecast’, it is good for currency.
Let’s see how Gold has reacted during the previous data release:
- The Gold remains highly volatile on Tuesday amid Russia Ukraine Geo Political Tentions.
- Today pair made intraday high at $1,879 and low at $1,852 mark.
- A day chart and H1 chart with triple EMA suggest up trend for the time being.
- A sustained close above $1,862 on H1 chart requires for the upside rally.
- Alternatively, a consistent close below $1,848 on H1 will check further supports.
Take a look and do trade wisely!