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August 17, 2022

Gold Trades Marginally Lower Ahead of U.S. Retail Sales Data, $10+ Volatility Likely in Gold; Aug 17, 2022

U.S. Retail Sales & Core Retail Sales Data

Today U.S. will release Retail Sales & Core Retail Sales data at 1230 GMT/1800 IST. It’s the primary gauge of consumer spending, which accounts for the majority of overall economic activity. Automobile sales account for about 20% of Retail Sales, but they tend to be very volatile and distort the underlying trend. The Core data is therefore thought to be a better gauge of spending trends.

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

July 15:

June 15:

Technical View:

XAU/USD (Gold):

Gold weakens sharply on Wednesday ahead of U.S. Retail Sales data and touches $1,771 mark.
The pair made intraday high at $1,782 and Low at $1,771 mark.
A day chart and H1 chart with triple EMA suggest bearish trend for the time being.
A sustained close above $1,782 on H1 chart requires for the upside rally.
Alternatively, a consistent close below $1,772 on H1 chart will test further supports.

Supports	Resistances
$1,767	$1,782
$1,762	$1,789
$1,756	$1,794
$1,752	$1,799
$1,747	$1,804

Take a look and do trade wisely!
Good Luck

TP Global FX Research Team

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