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SpanishGold Weakens Ahead of Key U.S. Fundamentals, Traders Eye Fed Chair Powell’s Speech; Aug 26, 2022
A Short Term Outlook: XAU/USD (Gold)
Today U.S. will release Personal Income & Spending data at 1230 GMT/1800 IST. Income is correlated with spending – the more disposable income consumers have, the more likely they are to increase spending. Consumer spending accounts for a majority of overall economic activity. It’s one of the most important gauges of economic health due to the vast ripple effect consumer buying creates in the economy.
Today is the Second day of U.S. Jackson Hole Symposium and Fed Chair Powell is due to speak at 1400 GMT/1930 IST. Comments and speeches from central bankers and other influential officials can create significant market volatility.
Let’s see how Gold has reacted during the previous data release:
July 29:
June 30:
Technical View:
XAU/USD (Gold):
- Gold falls sharply on Friday ahead of Key U.S. Key Fundamentals and slips back below $1,750 mark.
- The pair made intraday high at $1,758 and Low at $1,746 mark.
- A day chart and H1 chart with triple EMA suggest bearish trend for the time being.
- A sustained close above $1,754 on H1 chart requires for the upside rally.
- Alternatively, a consistent close below $1,742 on H1 chart will test further supports.
|
Supports
|
Resistances
|
|
$1,742
|
$1,754
|
|
$1,736
|
$1,760
|
|
$1,731
|
$1,767
|
|
$1,726
|
$1,772
|
|
$1,720
|
$1,778
|
Take a look and do trade wisely!
Good Luck
