Gold Remains Volatile Ahead of U.S. Final GDP q/q data, Fed Chair Powell’s Speech will Remain in Focus; June 29, 2022
U.S. Final GDP q/q
Today U.S. has scheduled to release Final GDP q/q data at 1230GMT/1800 IST. It’s the broadest measure of economic activity and the primary gauge of the economy’s health; While this is q/q data, it’s reported in an annualized format (quarterly change x4). The ‘Previous’ listed is the ‘Actual’ from the Preliminary release and therefore the ‘History’ data will appear unconnected. 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. If the ‘Actual’ data is greater than ‘Forecasted’, it will be good for U.S. dollar.
Apart from U.S. Final GDP q/q data, other key events are ECB President Lagarde’s Speech, BOE Gov Bailey’s Speech and U.S. Fed Chair Powell’s speech scheduled at 1300 GMT/1830 IST. They are due to participate in a panel discussion titled “Policy panel” at the European Central Bank Forum on Central Banking, in Portugal. Any comments on future interest rate or monetary policy adjustments to fight inflation will bring volatility to the FX markets.
Let’s see how Gold has reacted during the previous data release:
March 30, 2022:
Dec 22, 2021:
- Gold depreciates ahead of U.S. Final GDP q/q data and touches $1,812 mark.
- The pair made intraday high at $1,823 and Low at $1,812 mark.
- A day chart and H1 chart with triple EMA suggest bearish trend for the time being.
- A sustained close above $1,822 on H1 chart requires for the upside rally.
- Alternatively, a consistent close below $1,812 on H1 chart will test further supports.
Take a look and do trade wisely!