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SpanishGold 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
With a decade of Forex Market insight, TP Global FX Research Team delivers you the Market Insight that boosts your Trading Skills