Gold Spiked Down Ahead of UoM Consumer Sentiment Data, $8+ Movement likely; June 11, 2021

U.S. UoM Consumer Sentiment Results

Today U.S. has scheduled to release UoM Consumer Sentiment data at 1400 GMT/1930 IST. Financial confidence is a leading indicator of consumer spending, which accounts for a majority of overall economic activity. This data is derived via a survey of about 500 consumers which asks respondents to rate the relative level of current and future economic conditions. There are 2 versions of this data released 14 days apart – Preliminary and Revised. The Preliminary release is the earlier and thus tends to have the most impact.

Let’s see how Gold has reacted during the previous data release:

May 14:

April 16:

Technical View:

XAU/USD (Gold):

  • Gold spiked down during European hours and touches $1,889 mark.
  • The pair made intraday high at $1,901 and low at $1,889 mark.
  • A day as well as H1 chart with triple EMA suggests bullish trend for the time being.
  • A sustained close above $1,904 on H1 chart requires for the upside rally.
  • Alternatively, a consistent close below $1,892 will check further supports.
Supports Resistances
$1,886 $1,904
$1,881 $1,909
$1,876 $1,914
$1,872 $1,920
$1,867 $1,926

Take a look and do trade wisely!
Good Luck