U.S. Current Account Data
Today will be comparatively a calm U.S. session as only Current Account Data is expected to come out around 1330 GMT/1900 IST. It’s directly linked to currency demand a rising surplus indicates that foreigners are buying more of the domestic currency to execute transactions in the country. This is a quarterly data and if the actual data comes higher than expected, it will be good for U.S. dollar.
Let’s see how Gold has reacted during the previous data release:
XAU/USD (Gold): Gold trades marginally lower on Friday and hovers around $1,880 mark. Today pair made intraday high at $1,886 and low at $1,877 mark. A sustained close above $1,885 requires for the upside rally. On the other side, consistent close below $1,840 will check key supports as well. Key support levels are seen around $1,832, $1,827, $1,820, $1,812, $1,802, $1,787, $1,776, $1,764, $1,758, $1,747, $1,740 and $1,720 mark respectively. Key resistances are seen at $1,887, $1,896, $1,905, $1,912, $1,924 and $1,937 marks respectively.
Take a look and do trade wisely!