Gold Stabilises Below $1,770 mark ahead of U.S. Openings; Markets eye U.S.’s Goods Trade Balance data, FOMC Policy Meet; April 28, 2021
U.S. Goods Trade Balance Data
Today U.S. will release Goods Trade Balance data at 1230 GMT/1800 IST. Trade in goods makes up about 75% of total trade, and therefore provides early insight into the Trade Balance data reported about 5 days later. A positive number indicates that more goods were exported than imported. Export demand and currency demand are directly linked because foreigners must buy the domestic currency to pay for the nation’s exports. Export demand also impacts production and prices at domestic manufacturers.
Let’s see how Gold has reacted during the previous data release:
XAU/USD (GOLD): Gold moves in stiff boundaries ahead of key U.S. economic indicators. The pair made intraday high at $1,777 and low at $1,766 mark. A day as well as H1 chart suggests bearish trend for the time being. A sustained close above $1,784 requires for the upside rally. Alternatively, current downside movement will take the parity down below $1,750 mark.
Key Resistances: $1,784, $1,788, $1,792, $1,797, $1,805
Key Supports: $1,764, $1,758, $1,754, $1,748, $1,742
Take a look and do trade wisely!