Gold Slightly Higher Ahead of U.S. Retail Sales data, $10+ Volatility Likely in gold; June 15, 2022
U.S. Retail Sales & Core Retail Sales Data
Today U.S. has scheduled to release U.S. Retail & Core Retail Sales data at 1230 GMT/1800 IST. This is the earliest and broadest look at vital consumer spending data. It’s the primary gauge of consumer spending, which accounts for the majority of overall economic activity. Automobile sales account for about 20% of Retail Sales, but they tend to be very volatile and distort the underlying trend. The Core data is therefore thought to be a better gauge of spending trends.
Let’s see how gold has reacted during the previous data release:
- Gold strengthens on Wednesday and touches $1,826 mark.
- The pair made intraday high at $1,826 and Low at $1,807 mark.
- A day chart and H1 chart with triple EMA suggest bearish trend for the time being.
- A sustained close above $1,828 on H1 chart requires for the upside rally.
- Alternatively, a consistent close below $1,814 on H1 chart will test further supports.
Take a look and do trade wisely!