Gold Spikes Down Sharply Ahead of Key U.S. Indicators, A Consistent Close below $1,888 Requires for the downside rally; Feb 25, 2022
Key Indicators to Keep in Mind While Trading in Gold During U.S. Session
Today U.S. has scheduled to release many key economic indicators at the same time. Among all the indicators, major indicators will be U.S. Personal Income/Spending data scheduled at 1330 GMT/1900 IST and Revised UoM Consumer Sentiment data at 1500 GMT/2030 IST.
Income is correlated with spending – the more disposable income consumers have, the more likely they are to increase spending. Consumer spending accounts for a majority of overall economic activity. It’s one of the most important gauges of economic health due to the vast ripple effect consumer buying creates in the economy. While Revised UoM Consumer Sentiment Data is derived via a survey of about 500 consumers which asks respondents to rate the relative level of current and future economic conditions.
1330 GMT/1900 IST
1500 GMT/2030 IST
Let’s see how Gold has reacted durign the previous data release:
- The Gold erases previous gain and touched $1,892 mark.
- Today pair made intraday high at $1,921 and low at $1,892 mark.
- A day chart is up and H1 chart with triple EMA suggests down trend for the time being.
- A sustained close above $1,915 on H1 chart requires for the upside rally.
- Alternatively, a consistent close below $1,888 on H1 will check further supports.
Take a look and do trade wisely!