Gold Remains Volatile Ahead of U.S. Prelim UoM Consumer Sentiment Data, $15+ Volatility Likely in Gold; Aug 12, 2022
U.S. Prelim UoM Consumer Sentiment Data
Today the only indicator from the U.S. is Prelim UoM Consumer Sentiment Data scheduled at 1400 GMT/1930 IST. Financial confidence is a leading indicator of consumer spending, which accounts for a majority of overall economic activity. Here 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 during the previous data release:
- Gold weakens on Friday ahead of U.S. Prelim UoM Consumer Sentiment Data and stabilizes below $1,790 mark.
- The pair made intraday high at $1,793 and Low at $1,785 mark.
- A day chart and H1 chart with triple EMA suggest bearish trend for the time being.
- A sustained close above $1,794 on H1 chart requires for the upside rally.
- Alternatively, a consistent close below $1,784 on H1 chart will test further supports.
Take a look and do trade wisely!