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December 22, 2020

Gold Trades Flat Ahead of U.S. Final GDP data, $15+ Movement Likely; Dec 22, 2020

U.S. Final GDP Q/Q

U.S. will publish final GDP data around 1330 GMT/1900 IST. It’s the broadest measure of economic activity and the primary gauge of the economy’s health. There are 3 versions of GDP released a month apart – Advance, Preliminary, and Final. The Advance release is the earliest and thus tends to have the most impact.

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

Sept 30:

June 25:

Technical View:

XAU/USD (Gold): Gold depreciates on Tuesday and hovers around $1,872 mark. Today pair made intraday high at $1,884 and low at $1,866 mark. A sustained close above $1,885 requires for the upside rally. On the other side, consistent close below $1,876 will check key supports as well. Key support levels are seen around $1,862, $1,855, $1,847, $1,832, $1,827, $1,820, $1,812, $1,802 and $1,787 mark respectively. Key resistances are seen at $1,905, $1,912, $1,924 and $1,937 marks respectively.

Take a look and do trade wisely!
Good Luck

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