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August 12, 2022

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:

July 15:

June 10:

Technical View:

XAU/USD (Gold):

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.

SUPPORTS	RESISTANCES
$1,782	$1,798
$1,776	$1,804
$1,772	$1,808
$1,767	$1,814
$1,762	$1,820

Take a look and do trade wisely!
Good Luck

TP Global FX Research Team

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