Gold Trades Marginally Lower Ahead of U.S. PPI, Core PPI Results, $12+ Volatility Likely in Gold; Jan 13, 2022
U.S. PPI, Core PPI & Unemployment Claims Weekly
Today U.S. will come up with the PPI, Core PPi and Unemployment Claims Weekly data at 1330 GMT/1900 IST. PPI is a leading indicator of consumer inflation – when producers charge more for goods and services the higher costs are usually passed on to the consumer. Food and energy prices make up about 40% of overall PPI which tends to mute the importance of the Core data. If the Actual results are higher than forecasted, it will be good for U.S. dollar.
Let’s see how Gold has reacted during the previous data release:
- The Gold depreciates on Thursday and hovers around $1,822 mark.
- Today pair made intraday high at $1,828 and low at $1,819 mark.
- A day chart and H1 chart with triple EMA suggest up trend for the time being.
- A sustained close above $1,828 on H1 chart requires for the upside rally.
- Alternatively, a consistent close below $1,821 will check further supports.
Take a look and do trade wisely!