Gold Spikes Down to $1,824 mark ahead of U.S. PPI, Core PPI data, $10+ Volatility Expected In Gold; Dec 11, 2020
U.S PPI & Core PPI Data
U.S. is going to publish PPI as well as Core PPI data around 1330 GMT/1900 IST. It’s a leading indicator of consumer inflation – when producers charge more for goods and services the higher costs are usually passed on to the consumer. If actual data comes higher than forecasted, it will be good for U.S. dollar.
Let’s see how Gold has reacted during the previous data release:
XAU/USD (Gold): Gold spikes down and touches $1,824 mark in early U.S. session. Today pair made intraday high at $1,840 and low at $1,824 mark. A sustained close above $1,840 requires for the upside rally. On the other side, consistent close below $1,836 will check key supports as well. Key support levels are seen around $1,822, $1,810, $1,802, $1,787, $1,776, $1,764, $1,758, $1,747, $1,740 and $1,720 mark respectively. Key resistances are seen at $1,840, $1,847, $1,862, $1,876, $1,882, $1,888, $1,894 and $1,902 marks respectively.
Take a look and do trade wisely!