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SpanishGold Weakens Noticeably Ahead of U.S. PPI Data, $8+ Volatility Likely in Gold; Dec 14, 2021
U.S. PPI & Core PPI Results
Today U.S. has scheduled to release PPI and Core PPI results at 1330 GMT/1900 IST. It’s 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.
Let’s See how Gold has reacted during the previous data release:
Nov 09:
Oct 14:
Technical View:
XAU/USD (Gold):
- The Gold trades noticeably lower in early U.S. Session and trading around key support at $1,782 mark.
- Today pair made intraday high at $1,789 and low at $1,782 mark.
- A day chart is down and H1 chart with triple EMA suggests up trend for the time being.
- A sustained close above $1,789 on H1 chart requires for the upside rally.
- Alternatively, a consistent close below $1,778 will check further supports.
| SUPPORTS | RESISTANCES |
| $1,778 | $1,789 |
| $1,772 | $1,794 |
| $1,767 | $1,799 |
| $1,764 | $1,804 |
| $1,757 | $1,809 |
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