Gold Remains Volatile Ahead of U.S. Prelim GDP Results, $8+ Movement Likely; Feb 25, 2021
U.S. Prelim GDP q/q
Today U.S. has scheduled to release many economic indicators at the same time at 1330 GMT/1900 IST. They are U.S. quarterly GDP, durable & core durable goods orders and unemployment claims weekly data. Here I am briefing you out regarding GDP results.
It’s 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.
Let’s see how Gold has reacted during the previous data release:
XAU/USD (Gold): Gold depreciates sharply and touches $1,787 mark in European hours. The pair made intraday high at $1,805 mark and low at $1,787 mark. On H1 and a day chart, parity confirms the bearish trend. A sustained close below $1,785 on H1 chart requires for the downside rally. Alternatively, reversal from key support may drag the parity back above $1,808 mark.
Key Resistances: $1,808, $1,815, $1,822, $1,827, $1,832
Key Supports: $1,787, $1,778, $1,772, $1,764, $1,758
Take a look and do trade wisely!