Gold Trades Flat Ahead of U.S. Prelim GDP Data, $10+ Volatility Expected; Nov 25, 2020
U.S. Prelim GDP Q/Q
Today’s U.S. session will be more hectic as U.S. has scheduled to announce multiple key economic indicators for the day. In case of mixed data release, U.S. dollar might be volatile for the time being. Along with Prelim GDP, U.S. will publish unemployment claims weekly, goods trade balance, durable goods orders and core durable goods orders data.
Here we are giving you brief idea regarding Prelim GDP data (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:
XAU/USD (Gold): Gold takes halt around $1,800 mark ahead of U.S. economic data. Today pair made intraday high at $1,815 and low at $1,801 mark. A sustained close above $1,832 requires for the upside rally. On the other side, consistent close below $1,807 will check key supports as well. Key support levels are seen around $1,798, $1,787, $1,782, $1,774 and $1,768 mark respectively. Key resistances are seen at $1,822, $1,827, $1,832, $1,840, $1,857, $1,876, $1,882, $1,887, $1,892, $1,902 and $1,917 marks respectively.
Take a look and do trade wisely!