Gold Weakens Noticeably Ahead of U.S. Prelim UoM Consumer Sentiment Data, $8+ Volatility Likely During Key Indicators; March 11, 2022
U.S. Prelim UoM Consumer Sentiment Data
Today U.S. has scheduled to release Prelim UoM Consumer Sentiment data at 1500 GMT/2030 IST. Financial confidence is a leading indicator of consumer spending, which accounts for a majority of overall economic activity. There are 2 versions of this data released 14 days apart – Preliminary and Revised. The Preliminary release is the earlier and thus tends to have the most impact. It is derived via a Survey of about 500 consumers which asks respondents to rate the relative level of current and future economic conditions.
Let’s see how Gold has reacted durign the previous data release:
- Gold depreciates sharply and hita lowest level since Maarch 07, 2022.
- Today pair made intraday high at $1,999 and low at $1,969 mark.
- A triple EMA on a day chart is up and H1 chart suggests bearish trend for the time being.
- A sustained close above $1,998 on H1 chart requires for the upside rally.
- Alternatively, a consistent close below $1,970 on H1 chart will check further supports.
Take a look and do trade wisely!