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SpanishGold 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
TP Global FX Research Team
With a decade of Forex Market insight, TP Global FX Research Team delivers you the Market Insight that boosts your Trading Skills