Gold Slightly Up ahead of U.S. Retail Sales Data, $11+ Volatility Likely; Jan 15, 2021
U.S. Retail Sales & Core Retail Sales Data
U.S. will publish retail sales and core retail sales data around 1330 GMT/1900 IST. 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:
XAU/USD (Gold): Gold trades marginally higher ahead of U.S. retail and core retail sales data. The pair made intraday high at $1,855 and low at $1,845 mark. A sustained close above $1,862 require for the upside rally. Alternatively, a daily close below $1,840 will check key supports at $1,832, $1,827, $1,822 and $1,817 mark respectively. Key hurdles are seen at $1,868, $1,876 and $1,885 mark respectively.
Take a look and do trade wisely!